can u pleaze give me the criteria that i should follow to give end of year bonus:)
From Lebanon, Beirut
3From Lebanon, Beirut
Hi , Minimum bonus has to be given 8.33%of you basic salary.Rest is upto the employeer,how much he wants to give.It can be based on %age of net profit...soon and so fourt. Thanx N Regards Promial
From India, Delhi
From India, Delhi
hi,
if i may add to wat promila said..
i assume (as is the case often) that u are referring to bonus paid on the profits made by the org.
as per the bonus act, a minimum of 8.33 % of basic has to b paid as bonus and is subject to a max of 20%.
but whn u calculate the bonus, u should be considering the alocable surplus and available surplus coz bonus is paid as a reward for performance.
allocable surplus is the gross profits minus the tax, depreciation, devlopment allowance etc
available surplus is
67% of allocable suplus for companies tht havent made provisions for tax under I-T act
60% of allocable surplus for others
now if u'r available surplus is such that u can pay more than 8.33 % as bonus u should accordingly pay more.
if u'r available surplus is less than wat u need for 8.33%, u still hav to pay 8.33 % of Basic but this can be set off for the next yr and so on so forth for upto 4 years.
if available surplus is more than wat u need to pay 20% as bonus, then the remaining surplus is set on to the next yr n so on so forth for 4 years.
if i hav siad anythng wrong..plz do correct it n add anythng i hav missed out
regards,
shweta challa
if i may add to wat promila said..
i assume (as is the case often) that u are referring to bonus paid on the profits made by the org.
as per the bonus act, a minimum of 8.33 % of basic has to b paid as bonus and is subject to a max of 20%.
but whn u calculate the bonus, u should be considering the alocable surplus and available surplus coz bonus is paid as a reward for performance.
allocable surplus is the gross profits minus the tax, depreciation, devlopment allowance etc
available surplus is
67% of allocable suplus for companies tht havent made provisions for tax under I-T act
60% of allocable surplus for others
now if u'r available surplus is such that u can pay more than 8.33 % as bonus u should accordingly pay more.
if u'r available surplus is less than wat u need for 8.33%, u still hav to pay 8.33 % of Basic but this can be set off for the next yr and so on so forth for upto 4 years.
if available surplus is more than wat u need to pay 20% as bonus, then the remaining surplus is set on to the next yr n so on so forth for 4 years.
if i hav siad anythng wrong..plz do correct it n add anythng i hav missed out
regards,
shweta challa
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