we are paying bonus on 3500(limit as per act)*8.33%=291.55, formula.
suppose i have three eligible employees for bonus.
\"A\" present days 26*200.10=5203 & hence gets 3500*8.33%=292/pm.
\"B\" present days 20*200.10=4002, hence get 3500*8.33%=292
\"C\" present days 10*200.10=2001*8.33%167.
my query: is above calculation right or needs any change in this?
From India, Visnagar
8suppose i have three eligible employees for bonus.
\"A\" present days 26*200.10=5203 & hence gets 3500*8.33%=292/pm.
\"B\" present days 20*200.10=4002, hence get 3500*8.33%=292
\"C\" present days 10*200.10=2001*8.33%167.
my query: is above calculation right or needs any change in this?
From India, Visnagar
Dear Nevyas,
Your calculation and understanding is correct.
I would like to tell you a simple method as under:
1. Write down in register earned B+DA during 12 months, month wise against each employee name.
2. In case B+DA exceeds 10000, delete such entries / names from register.
3. In case the entries are only in one or two or three months, check total no.of days worked by such employee. If it is less than 30, remove his name from register.
4. If B+DA is more than 3500, write / restrict to 3500 and if B+DA is less than 3500, retain the actual.
5. Take total of 12 months. This is the total B+DA amount eligible for Bonus calculation.
6. Calculate the bonus by multiplying the percentage decided to the above total B+DA amount eligible for bonus calculation.
Hope I have made it easy for you. You can open an excel sheet and give appropriate formulas. It will be appreciated if you open an excel sheet as above and upload it for the benefit of forum.
From India, Mumbai
Your calculation and understanding is correct.
I would like to tell you a simple method as under:
1. Write down in register earned B+DA during 12 months, month wise against each employee name.
2. In case B+DA exceeds 10000, delete such entries / names from register.
3. In case the entries are only in one or two or three months, check total no.of days worked by such employee. If it is less than 30, remove his name from register.
4. If B+DA is more than 3500, write / restrict to 3500 and if B+DA is less than 3500, retain the actual.
5. Take total of 12 months. This is the total B+DA amount eligible for Bonus calculation.
6. Calculate the bonus by multiplying the percentage decided to the above total B+DA amount eligible for bonus calculation.
Hope I have made it easy for you. You can open an excel sheet and give appropriate formulas. It will be appreciated if you open an excel sheet as above and upload it for the benefit of forum.
From India, Mumbai
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf