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Statutory Bonus

Statutory Bonus

The statutory bonus in India is paid according to the bonus payment law (1965). The bonus is a deferred benefit, and some companies choose to pay it in advance.  Eligibility for the bonus has been increased to include employees income up to INR 21,000 per month...

Notice Pay- Salary in lieu of Notice

Notice Pay- Salary in lieu of Notice

In an Employment contract between the employee and employer, the termination clause states a clause on Pilon i.e, pay in lieu of notice period. This can come into the picture in two situations. When the employee resigns and does not want to serve the notice period as...

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