DEAR SENIORS,
WE WERE PAYING BONUS TO STAFF @8.33% EMPLOYEES GETTING SALARY OF Rs 3500 OR LESS @ ACTUAL SALARY ( BASIC AND DA). IT IS NOTICED THAT WE HAVE MADE WRONG CALCULATION. WE SHOULD HAD TO CALCULATE ON Rs2500/- INSTEAD OF Rs3500/- .
NOW WE HAVE CALCULATED BONUS @ 3500/- TO EMPOLYEES GETTING SALARY ( BASIC+DA) MORE THAN 3500 TO 10000/- PER MONTH.
PLEASE GUIDE US THAT WHETHER WE ARE CALCULATING BONUS @3500/- IS CORRECT. OR WE SHOULD CALCULATE MORE. IT IS BECAUSE EARLIAR YEARS WE HAVE PAID EXCESS AMOUNT BY CALCULATING AT 3500/- INSTEAD OF 2500/-
WHETHER WE HAVE TO FOLLOW ANY PROCEDURE BEFORE PAYING THIS AMOUNT.
REGARDS
RAKESH SRIVASTAVA
From India, Agra
WE WERE PAYING BONUS TO STAFF @8.33% EMPLOYEES GETTING SALARY OF Rs 3500 OR LESS @ ACTUAL SALARY ( BASIC AND DA). IT IS NOTICED THAT WE HAVE MADE WRONG CALCULATION. WE SHOULD HAD TO CALCULATE ON Rs2500/- INSTEAD OF Rs3500/- .
NOW WE HAVE CALCULATED BONUS @ 3500/- TO EMPOLYEES GETTING SALARY ( BASIC+DA) MORE THAN 3500 TO 10000/- PER MONTH.
PLEASE GUIDE US THAT WHETHER WE ARE CALCULATING BONUS @3500/- IS CORRECT. OR WE SHOULD CALCULATE MORE. IT IS BECAUSE EARLIAR YEARS WE HAVE PAID EXCESS AMOUNT BY CALCULATING AT 3500/- INSTEAD OF 2500/-
WHETHER WE HAVE TO FOLLOW ANY PROCEDURE BEFORE PAYING THIS AMOUNT.
REGARDS
RAKESH SRIVASTAVA
From India, Agra
Dear Rakesh, What yur have done that is absolutely Correct only fill the form C And Form D Rahul
From India
From India
1
Bonus to be paid under Payment of Bonus Act,1965 is to be calculated as under :
1. It depends upon the percentage on which your company wants to give bonus to its employees. Minimum bonus is 8.33% of basic salary earned during the accounting year and Maximum is 20% under the payment of Bonus Act,1965.
2. Eligibility : Bonus under Payment of Bonus Act,1965 is required to be to employees whose salary ( Basic) is of less than Rs.3500.00 per month during the accounting year for which bonus is to be paid.
3. Bonus is to be calculated for eligible employees assuming salary ( Basic) as Rs.2500.00 per month or less, if, it is less then Rs.2500.00
4.Multiply the yearly sum of salary thus worked out as per above clause 3 with rate of bonus. The figure is bonus payable to employee under the act.
5. Payment is to be made on Register prescribed under the act.
6. Return of payment of bonus is to be submitted with ALC or other designated authority under the act , within 30 days of payment of bonus to employees.
From India, Udaipur
1. It depends upon the percentage on which your company wants to give bonus to its employees. Minimum bonus is 8.33% of basic salary earned during the accounting year and Maximum is 20% under the payment of Bonus Act,1965.
2. Eligibility : Bonus under Payment of Bonus Act,1965 is required to be to employees whose salary ( Basic) is of less than Rs.3500.00 per month during the accounting year for which bonus is to be paid.
3. Bonus is to be calculated for eligible employees assuming salary ( Basic) as Rs.2500.00 per month or less, if, it is less then Rs.2500.00
4.Multiply the yearly sum of salary thus worked out as per above clause 3 with rate of bonus. The figure is bonus payable to employee under the act.
5. Payment is to be made on Register prescribed under the act.
6. Return of payment of bonus is to be submitted with ALC or other designated authority under the act , within 30 days of payment of bonus to employees.
From India, Udaipur
BONUS CALCULATION PARAMETERS
CASE 1 BASIC LESS THAN EQUAL TO 3500 = BONUS=ACTUAL BASIC X (BONUS MONTHS) X 20%
CASE 2 BASIC MORE THAN 3500 UPTO 8400 = BONUS=Rs. 3500 X (BONUS MONTHS) X 20%, EXGRATIA=0
CASE 3 BASIC MORE THAN 8400 & LESS THAN 10000 = BONUS=Rs. 3500 X (BONUS MONTHS) X 20%, EXGRATIA= BASIC SALARY-8400
CASE 4 BASIC MORE THAN 10000 = BONUS = 0, EXGRATIA= 1 MONTH BASIC SALARY
CASE 5 BASIC CHANGES DURING YEAR
EX: 2300 to 3500 = BONUS=(2300Xmonths paidX20%) + (3500Xmonths paidX 20%), exgratia=0
EX: 3500 to 5000 = BONUS=(3500Xmonths paidX20%) + (3500Xmonths paidX 20%), exgratia=0
EX: 5000 6 mths to 8900 6 mths = BONUS=(3500*6*20%)+(3500*6*20%)=8400, exgratia= (8900*6/12)-(8400*6/12)=250
EX: 8900 4 mths to 12000 8 mths = BONUS=(3500*4*20%)=2800, exgratia= {(8900*4/12)-(8400*4/12)}+{(12000*8/120}
From India, Gurgaon
CASE 1 BASIC LESS THAN EQUAL TO 3500 = BONUS=ACTUAL BASIC X (BONUS MONTHS) X 20%
CASE 2 BASIC MORE THAN 3500 UPTO 8400 = BONUS=Rs. 3500 X (BONUS MONTHS) X 20%, EXGRATIA=0
CASE 3 BASIC MORE THAN 8400 & LESS THAN 10000 = BONUS=Rs. 3500 X (BONUS MONTHS) X 20%, EXGRATIA= BASIC SALARY-8400
CASE 4 BASIC MORE THAN 10000 = BONUS = 0, EXGRATIA= 1 MONTH BASIC SALARY
CASE 5 BASIC CHANGES DURING YEAR
EX: 2300 to 3500 = BONUS=(2300Xmonths paidX20%) + (3500Xmonths paidX 20%), exgratia=0
EX: 3500 to 5000 = BONUS=(3500Xmonths paidX20%) + (3500Xmonths paidX 20%), exgratia=0
EX: 5000 6 mths to 8900 6 mths = BONUS=(3500*6*20%)+(3500*6*20%)=8400, exgratia= (8900*6/12)-(8400*6/12)=250
EX: 8900 4 mths to 12000 8 mths = BONUS=(3500*4*20%)=2800, exgratia= {(8900*4/12)-(8400*4/12)}+{(12000*8/120}
From India, Gurgaon
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