bonus


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Related to bonus: bonus depreciation

bonus,

extra amount in money, bonds, or goods over what is normally due. The term is applied especially to payments to employees either for production in excess of the normal (wage incentive) or as a share of surplus profits. The wage incentive was designed during the late 19th cent. not only to increase production but to reward the more skillful and more energetic workers. The hourly or weekly wage was to be figured as payment for a standard rate of work, and the workers who exceeded that standard were to receive a bonus. However, the system fell into disfavor with labor unions because rate cutting was often resorted to when bonuses became too high. Industrial engineers of the 1930s realized that definite standards of accomplishment and quality must be set to make wage incentives workable. Many firms have used an annual bonus plan for distributing abnormal profits to employees. The term is also applied to payments to former servicemen in addition to regular pensions and insurance. Veterans of World War I lobbied to obtain a bonus for their military service. In 1924 each veteran received an adjusted compensation certificate entitling him to a payment averaging $1,000 to be made in 1945. In 1932 about 15,000 unemployed veterans formed the "Bonus Expeditionary Force," or Bonus MarchersBonus Marchers,
in U.S. history, more than 20,000 veterans, most of them unemployed and in desperate financial straits, who, in the spring of 1932, spontaneously made their way to Washington, D.C.
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, and marched to Washington to demand immediate payment of the certificates. President Hoover ordered troops to oust them from federal property. In 1936 Congress passed a law permitting the veterans to exchange their certificates for cashable bonds. A number of states voted veterans' bonuses after World War II and the Korean War.

Bibliography

See W. W. Waters, B.E.F.: The Whole Story of the Bonus Army (1933, repr. 1969); V. D. Kennedy, Union Policy and Incentive Wage Methods (1945, repr. 1969); J. K. Louden, Wage Incentives (2d ed. 1959); R. Marriott, Incentive Payment Systems (3d rev. ed. 1968).

bonus

[′bō·nəs]
(petroleum engineering)
Payment by a lessee of an oil- or gas-production royalty to the landowner at a rate greater than the customary one-eighth of the value of the oil or gas withdrawn.
References in periodicals archive ?
In the Baltics, 10 to 13 percent of employees receive a Christmas bonus, while the amount does not exceed a fifth of their basic salary, i.
Mark Majek, operations director with the state Board of Nursing, received a bonus of $9,000, also in August.
If an employee brings a wage claim at the DOL and prevails, in addition to the bonus amount, the DOL could award liquidated damages, which is an additional amount equaling the bonus owed.
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First, it is important to consider how this would apply if a separate bonus plan is in place for each employee, including Tom.
A recent UK Employment Appeals Tribunal decision, which may be persuasive in cases in the UAE and particularly those before the DIFC Courts, indicated that "discretionary" in the context or bonus schemes may mean:
A bonus allocable to an employee who is no longer employed on the date on which bonuses are paid is reallocated to other eligible employees.
The company's year-end bonus is fixed at two months of basic pay, which plus performance pay reached seven to nine months of basic pays last year.
Such large bonus payments at relationship manager level were rare.
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However, it is unclear whether they performed to target and opted not to take up a bonus, or whether their performances didn't warrant them.
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