Types of Bonus

1. Performance Bonus: This kind of bonus is given to employees based on their performance in a given period e.g. year or quarter

2. Festival Bonus: This type of bonus is linked to some occasion or festival in the local location of operations of the company e.g. New Year

3. Referral Bonus: If a company has a referral program, then on a successful referral the existing employee can be given bonus.

4. Joining Bonus: When a new employee joins a company, he or she can be offered a one time joining bonus

5. Retention Bonus: This bonus is given as a one time payment to retain the employee in the organization

6. Miscellaneous Bonus: This can be given on some special event e.g. on 25th anniversary of the company, every employee gets a smartphone

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