I am working for a KPO * BPO operations in Noida which set up base 3 years back. We are numbering 150+ employees. The parent organization is in US. We are considering introducing the annual employee bonus scheme in lieu of the current quarterly performance based group incentive scheme for which, target setting for the KPO kind of higher educated employees doing complex assignments becomes difficult. Hence, the need for employee bonus scheme.
Answer:
The statutory regulations governing payment of bonus are covered by the Payment of Bonus Act 1965. These are basic requirements. The quantum of bonus linked to performance is to be decided by the management.
It is better you consult a Chartered Accountant who can guide you in a more comprehensive way.
I agree with you.
Company should start productivitylinked bonus as per provisions of Payment of Bonus Act 1965. Help from Chartered Accountant or Legal Advisor regarding provisions of bonus scheme under above act and acts related to employees is required.
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