Hey I have just completed 3 years working in a steel industry. In my agreement there was a clause that I will be paid a certain amount after completion of 3 years of service without mentioning the period within which payment is to be made. Are there any regulatory norms which bind them to make the payment in a fixed interval of time????
From India, Pune
From India, Pune
At the outset we can say there is no labour law that governs time period for payment of such allowance. At the same time the payment cannot be inordinately delayed. Please keep on writing reminders. If you receive no response, go to the highest officer of the org & narrate the circumstances in writing. If this too fails, then I am afraid that you will have to seek legal remedy.
From India, Mumbai
264From India, Mumbai
Dear Mr.yogesh,
Hope you are continuing in the same industry. If so they will be paying this type of special amounts with in a span of a month's time, you can as well find out from your colleagues.
In case you left the organization then they need to clear it along with your full and final settlement. In either case you have every right to get that amount as it is part of your benefits and clearly mentioned in your appointment. If you can give more details like the salary range of yours', designation, your employment status & any specific clause like linked to your performance etc., we can provide you more details.
Thanks
Kameswarao
From India, Hyderabad
Hope you are continuing in the same industry. If so they will be paying this type of special amounts with in a span of a month's time, you can as well find out from your colleagues.
In case you left the organization then they need to clear it along with your full and final settlement. In either case you have every right to get that amount as it is part of your benefits and clearly mentioned in your appointment. If you can give more details like the salary range of yours', designation, your employment status & any specific clause like linked to your performance etc., we can provide you more details.
Thanks
Kameswarao
From India, Hyderabad
Thanks Kameshwar
Current CTC is 3.3 LPA with designation engineer. Currently working in same company. The clause regarding the amount was- "A retention amount of 75K will be paid upon successful completion of period of 3 years."
From India, Pune
Current CTC is 3.3 LPA with designation engineer. Currently working in same company. The clause regarding the amount was- "A retention amount of 75K will be paid upon successful completion of period of 3 years."
From India, Pune
Mr.Yogesh,
Good to note that you are continuing with the same organization hence I opine that it may not be an issue. In case the time is lapsed than a month then better to forward an internal communication ( a gentle reminder) saying that you have completed your 3 yrs of service hence request to release the your eligible retention amount at the earliest and oblige. First you remind it to your HOD and forward the communication with a CC to your HOD.
I also opine that there may be a practice where your colleagues who have completed 3 years might have got the amount, inquire & proceed. Even writing a communication may not be wrong but check the practice of the management and do the needful.
Regards
Kameswarao
From India, Hyderabad
Good to note that you are continuing with the same organization hence I opine that it may not be an issue. In case the time is lapsed than a month then better to forward an internal communication ( a gentle reminder) saying that you have completed your 3 yrs of service hence request to release the your eligible retention amount at the earliest and oblige. First you remind it to your HOD and forward the communication with a CC to your HOD.
I also opine that there may be a practice where your colleagues who have completed 3 years might have got the amount, inquire & proceed. Even writing a communication may not be wrong but check the practice of the management and do the needful.
Regards
Kameswarao
From India, Hyderabad
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Bigger bonuses for more as Lok Sabha amends Payment of Bonus Act - The Economic Times.pdf
THE PAYMENT OF BONUS ACT.doc