BONUS / INCENTIVE POLICY
| Policy Maker | HR Executive | Policy Approved by name |
| Last updated date | 01-10-2023 | Approved person sign |
| Review Frequency | 6 monthly | HR Manager Sign |
Employee bonuses are compensation for the work that the employee has performed.
Employers often pay the employee a bonus in addition to the employee’s regular
salary or wages. Bonuses are additions to pay that are linked to individual or team
performance measured against targets or objective
Objective:-
To appreciate the efforts and performance for fulfilling the work.
Key Policy:-
Employee will be entitled for bonus only if he/she has completed financial year i.e.
31st March.
Employee will be eligible for bonus if he/she has completed probation period.
Payment of bonus is done at 08.33% of annual paid salary.
Employees will receive their bonus within two to three months of completion of
financial period i.e. 31st March.
In case of RM/Dealer and BDE, there is no fixed ratio for bonus as they are also
eligible for incentive. So for RM/Dealer and BDE, bonus or incentive will be given
whichever is higher.
New joinees will be eligible for the payment of bonus after completing the one year
on prorata basis.
To avail bonus a employee must complete one year of service in organization. If a
employee joins the organization in the mid of the year then bonus will be payable
exact after one year of joining date.
In case of manager, if he is there up till June in current year then eligible for pending
performance bonus otherwise eligible for one salary bonus.
Calculation of Bonus:-
Total Yearly Paid Salary (gross salary)*08.33%