Employees In These Sectors Likely To Get Up to 20% Diwali Bonus This Year – News18

Diwali is the festival of lights and is often associated with exchanging gifts and eating delicious foods. This year, the auspicious occasion may turn out to be a day of happiness for those employed in Fast-moving Consumer Goods (FMCG) and manufacturing companies. Employees, staffing firms and human resource consultants may get bonus payments of about 20 percent of their monthly salaries. Staffing firm CIEL HR’s survey found that about 58 percent of 160 participants from the manufacturing segment will be giving Diwali bonuses this year. Manufacturing companies might cap the bonus at around Rs 10,000 or less. As per Santhosh Nair, Director of CIEL HR, festival bonuses are quite common in manufacturing companies — where the bonus ranges between Rs 7,000 and Rs 10,000.

What is a bonus?

A bonus is an additional pay that a company provides to its employees as a reward for their hard work. Giving a Diwali bonus is not mandatory by law. There are certain criteria that companies have that may make employees eligible to avail this bonus.

In an interview with MoneyControl, Yeshab Giri, CCO, Staffing and RT at Randstad India said, “Due to significant business recovery and an increase in profits for companies in India, employers are likely to offer higher bonuses this year in comparison to the last few festive seasons.” The company predicts the average bonus from FMCG/retail and e-commerce will be around 12 to 20 percent of their salary.

The banking sector has performed well as per Genius Consultants. They expect the banks to give about 12 percent of the employees’ salary as a bonus this Diwali. Meanwhile, the IT companies are scaling back the bonus structure. As per reports, due to the geopolitical conflicts, the IT companies underperformed and hence, there might be no bonus. According to RP Yadav, CMD of Genius Consultants, many companies showed negative growth and hence may not hand out bonuses at all this year.

Many companies will reward their employees during the festival time by giving them gift hampers, gift cards, sweets and boxes of dry fruits, whose value can range from Rs 500 to Rs 2,000.