Category: Legal Issue
All of us know that we get paid by our company or the business we are working for in the form of salaries every month end. There are different components in this pay scale that includes contributions both by the employer and employee for the employee, that gets accumulated and becomes payable at the end of the service period or anytime in between when the employee quits or is laid off from the job.
As said above, monthly pay is nothing but the salary that we get at the end of every month for the work delivered by us. This is an amount decided by the company or demanded and accepted by the employee before beginning his career with the respective company. This gets an appreciation every year in the form of performance appraisal for which every employee becomes eligible and is paid in the form of a certain percentage increase. This happens on a yearly basis.
This is an additional income that an employee gets for extraordinary performance. There comes challenges in the form of projects for companies and businesses get targets to complete. An employee who is found to be performing beyond the expected standards and limits is the one who gets this bonus amount. It acts as an appreciation or an encouragement for motivating the employee to work better in the future projects assigned to him.
Profits are the main goals for any business or company set-up. Every year each company sets a target for achievement and the expected profits that follow this success. When in a year, it performs more with improved efficiencies of its employees, the company or the business gets to enjoy extra profits. Now, this is shared equally among all the employees as a token of respect and thanksgiving for the extra efforts put in.…