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Bonus ,Social Security and Benefits:

Bonus ,Social Security and Benefits 1

Bonus:

Bonus What is Bonus? It is also known as deferred Wage. It is, what is paid over and above Wages. It is obligatory in India-Every establishment employing 10/20 persons. Ceiling-Rs3500/2500. 2

Contd---:

Contd--- Eligibility- Every person who has worked for minimum 30 days in a year. 8.33% of the salary First 5 years of an organization Exempt. Should be paid within 8 months of closing of accounts. 3

Non Statutory Bonus:

Non Statutory Bonus Since wages are high ,many employers pay Ex-gratia. Even where Bonus is paid, Employees above the ceiling are paid Ex gratia. Normally this is equal to 8.33% Ceiling is 20% for bonus. Allocable surplus is worked out for working out bonus 4

Non Statutory Bonus:

Non Statutory Bonus Performance Related Pay Merit Related pay Skill Based pay Shop Floor Incentives and Bonus Team rewards Targets Achievement. 5

Social security:

Social security Related to the Ideals of Human Dignity &Social Justice. Social Securities act as Factors giving Stability &Protection in these days of Modern day Stressful life. Accepted as useful & necessary for protection & stability of workforce. ILO has reinforced these facts 6

Contd:

Contd Refers to the set of measures which are under taken /provided for the benefit of the employee and his family. Normally these are provided for in the statutes/laws and aim at taking care of the contingencies. Normally covers workmen category. 7

Contd----:

Contd---- Statutory Welfare provisions in India Factories Act-1948 Applicable where 20 or more workers are employed- Amenities provided include- Washing facilities-facilities for washing & drying clothes 8

Contd----:

Contd---- Sitting facilities for Workers required to stand while working First Aid Boxes& ambulance(>500 workers) Canteen where more than 250 workers work Shelters/rest rooms/lunch rooms(>150) Crèche->30women Welfare officer->500Workers Safety Officer->1000Workers 9

Contd---:

Contd--- The Mines Act-1952- Mine owners should make provisions for- Creche >50 Workers Food & rest Shelter>150 Workers Canteen>250 workers First aid boxes Pit-bath facilities – Shower, wash rooms, lockers etc. 10

Contd-:

Contd- Welfare Officer->500 workers Motor Transport Workers Act-1961 Canteen>100 workers Rest rooms where night halt is required Washing allowance 11

Contd---:

Contd--- Uniforms/raincoats to drivers, conductors,. Washing allowance Medical facilities First aid box in every vehicle Contract Labor Act-1970 Canteen>100 workers Rest rooms where night halt is required. 12

Contd----:

Contd---- Provision for washing facilities First aid boxes. Workmen's’ Compensation Act-1923 Lays the obligation on the Employer to pay compensation in case of accidents arising out of and during the course of employment .Compensation related to the extent of injury. 13

Contd----:

Contd---- Employees state Insurance Act-1948 Applicable to factories/Establishments by notification. Contributions from Employees &Employers, The State govt.paying for 1/8 of the cost of the medicines. The major benefits are- 14

Contd-----:

Contd----- Sickness & Extended Sickness Benefits Maternity Benefits Disablement Benefit Dependents Benefit Funeral benefit Medical Benefits- 1.Restricted Medical care 15

Contd----:

Contd---- 2.Expanded Medical Care 3.Full medical care The Employees Provident Fund & Miscellaneous Act-1952 Objective-To make some provision for the worker to take care of his post-retirement Life. All employees make a contribution of 8.33%of basic +DA and matching contribution by the 16

Contd-------:

Contd------- All employees make a contribution of 8.33%of basic +DA and matching contribution by the employer. On retirement/death or the employee withdrawing after 6 months ,the contributions with interest is returned to the employees. 17

Contd----:

Contd---- Employees Deposit linked Insured Scheme-1976 . - Applicable to all establishments with 20 or more employees. Contribution paid only by the Employer. Insurance paid whenever any member of the Provident Fund dies while still inservice. 18

The Maternity Benefit Act-1961:

The Maternity Benefit Act-1961 Applicable to all establishment covered by ESI 12 weeks leave with pay is payable to all women employees. Minimum 160 days of working in the 12 months receding the date of delivery. 19

Contd------:

Contd------ The Payment of Gratuity Act-1972. This is another retirement benefit. Minimum5 years of service 15/26 days wages per completed year of service. Ceiling of Rs10,00,000/ 20

Benefits:

Benefits Educational Facilities- Schools for E mployees; Transport for Children Subsidizing fees; Scholarships; Books & Stationary Housing Facilities- Residential Colonies Company Leased Houses 21

Contd-----:

Contd----- Housing Assistance-for Buying House Transport Facilities Company Transport to work place & back Transport Assistance –loans for buying vehicles Recreational facilities- Children's park/Park for all Clubs/music-dance facilities 22

Contd----:

Contd---- Consumer Cooperative societies- To provide Consumer commodities at a fair price To provide short term loans & an avenue for savings 23

Flexible Benefits:

Flexible Benefits Systems such as In basket/Ala-carte/Flexible Systems-are popular now. Advantages- Addresses the unique needs of each individual Facilitates organization meet chancing needs With the employee & the family more involved, the benefits are better appreciated 24

Contd----:

Contd---- Introduction of New Benefits is easy since it involve only adding to the list. Cost containment Disadvantages- Choice made by Employees may not be the best ,leading to problems in times of emergencies. Administrative Burden increases 25

Contd-----:

Contd----- Adverse selection-loosing advantages of Volume discounts Problems in Administration - Lack of employee participation Uniform applications sometimes lead to disgruntlement-Pension is not welcomed by Younger Generation Lack of complete awareness of the various benefits amongst the employees 26

Contd----:

Contd---- These can be avoided by- Clearly establishing & stating the objectives of the various benefits Assessing the Environmental factors Comparing with the benefits offered by the business competitors 27

Contd----:

Contd---- Controlling Benefits cost &Evaluation Clearly communicating the Information regarding the benefits 28

How to make them more effective:

How to make them more effective Should be apart of overall HR policy All packages should have a future perspective Programmes aimed at CSR should be separated from Benefits Schemes Some times better not to have the program than have one & not administered properly 29

Contd----:

Contd---- Normal Heart burns –More money is spent on officer’s welfare ; More expenditure on Corporate Image building than on BONUS-Should be removed through proper Internal communication Always involve the workers in planning & implementation of all schemes 30

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