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Hi What exactly you want to know? You want to know about Allocable surplus and Available surplus? or you want to know about how to calculate bonus after declaring the percentage? Siva
From India, Chennai
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From India, Chennai
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For example employee is having 10000-Basic salary & he work in a year around 250 days then according to 8.33percentage what would be a bonus amount
From India, Pune
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From India, Pune
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Hi,
It is not calculated based on the number of days worked; it is calculated on the wages earned. I will provide an example for your question:
Wages Basic per month: Rs 10,000/
Worked days: 250
Assume he has availed paid leave: 13
Paid Holidays: 7
Total wages earned days: 270 days
Equivalent to: 9 months
Total Basic wages earned: Rs 90,000/
8.33% Bonus: 8.33 * 90,000 / 100 = Rs 7,497/-
This is the basic principle. In an accounting year, sum the person's wages earned (including paid leave) and apply the percentage to this amount. I hope this clarifies.
Siva
From India, Chennai
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It is not calculated based on the number of days worked; it is calculated on the wages earned. I will provide an example for your question:
Wages Basic per month: Rs 10,000/
Worked days: 250
Assume he has availed paid leave: 13
Paid Holidays: 7
Total wages earned days: 270 days
Equivalent to: 9 months
Total Basic wages earned: Rs 90,000/
8.33% Bonus: 8.33 * 90,000 / 100 = Rs 7,497/-
This is the basic principle. In an accounting year, sum the person's wages earned (including paid leave) and apply the percentage to this amount. I hope this clarifies.
Siva
From India, Chennai
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Hi Sorry There was a mistake. His wages Rs 10000/ Bonusable Wage under the Act Rs 3500 He earns salary for 9 Months 9*3500 = Rs 31500 8.33% Bonus Rs 2623.95 paise Siva
From India, Chennai
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From India, Chennai
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Hi Siva! 😊
Well, thanks a lot for explaining the calculation of the bonus so nicely and clearly. Now, you have clarified my doubt. However, I have a doubt regarding the calculation of allocable surplus, available surplus, set-on, and set-off, etc. Could you please explain all these things with the help of an example? Kindly explain with an example as you have done earlier.
Thanks,
Waiting for your reply.
Warm Regards,
Akshita
From India, Chandigarh
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Well, thanks a lot for explaining the calculation of the bonus so nicely and clearly. Now, you have clarified my doubt. However, I have a doubt regarding the calculation of allocable surplus, available surplus, set-on, and set-off, etc. Could you please explain all these things with the help of an example? Kindly explain with an example as you have done earlier.
Thanks,
Waiting for your reply.
Warm Regards,
Akshita
From India, Chandigarh
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His calculation will be made at 8.33% of the maximum calculable amount of Rs. 3500/-. He will be entitled to a bonus only when his basic plus DA is less than Rs. 10000/-. Even when his basic plus DA is Rs. 3501/- or say Rs. 3600/-, the calculation will be made on Rs. 3500/-. In case his basic plus DA is less than Rs. 3500/-, his calculation will be made on the actual basic plus DA.
From India, Calcutta
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From India, Calcutta
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Hi It is a big subject and I need to refresh It will take a few days I will soon give a simple example for available surplus and allocable surplus Bear with me for a wekk Siva
From India, Chennai
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From India, Chennai
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Ok, Siva!! :lol: I'll wait for your reply regarding the calculation of allocable surplus, available surplus, set-on, and set-off, etc. Can you please explain all these things with an example? Kindly explain with an example as you have done earlier.
Thanks,
Akshita
From India, Chandigarh
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Thanks,
Akshita
From India, Chandigarh
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Allocable Surplus for Bonus.pdf
Amendment to Payment of Bonus Act 2015.jpg