Hi,
Could you provide some clarity on anniversary and annual appraisal? For anniversary appraisal, when is the revision applicable from? How do you calculate the bonus? What percentage of CTC (or is it a percentage of basic)? Is it compulsory to provide a bonus for all designations?
From India, Bangalore
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Could you provide some clarity on anniversary and annual appraisal? For anniversary appraisal, when is the revision applicable from? How do you calculate the bonus? What percentage of CTC (or is it a percentage of basic)? Is it compulsory to provide a bonus for all designations?
From India, Bangalore
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Hi, Bonus always calculated on basic salary’s only, who’s basic is 10000 and 10000 below they are all eligible for bonus.
From India, Hyderabad
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3From India, Hyderabad
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Hi,
Bonus is calculated based on the basic wages. The percentage is 8.33%, or generally, there will be one month's basic wages.
Bonuses are paid to everyone, regardless of their designation, who is drawing a salary below 10000/-
Annual appraisals have many processes such as self-appraisal, 180-degree appraisal, 360-degree appraisal, etc. You should follow any one of those formats.
From India, Bangalore
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Bonus is calculated based on the basic wages. The percentage is 8.33%, or generally, there will be one month's basic wages.
Bonuses are paid to everyone, regardless of their designation, who is drawing a salary below 10000/-
Annual appraisals have many processes such as self-appraisal, 180-degree appraisal, 360-degree appraisal, etc. You should follow any one of those formats.
From India, Bangalore
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Hi Shany Jalal Find enclosed attachment for Performance appraisals as traditional, 180 Degree & 360 Degree.
From India, Bangalore
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From India, Bangalore
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Dear Senior, My question is that please confirm me the Bonus Calculation process Total Basic of 12 months(Financial year) * 8.33% * 12 Please let me know if I am not correct, Regards DS
From India, Calcutta
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From India, Calcutta
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Dear DS,
This is not the correct way to calculate the bonus. Bonus calculation is generally based on available surplus, allocable surplus, gross profit, and set on and set off. First, read the Bonus Act; you will get a clear idea about these terminologies and the bonus calculation process. If you are not able to understand it, write to me, and I will provide you with a detailed sheet.
Regards,
Meenakshi
From India, Pune
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This is not the correct way to calculate the bonus. Bonus calculation is generally based on available surplus, allocable surplus, gross profit, and set on and set off. First, read the Bonus Act; you will get a clear idea about these terminologies and the bonus calculation process. If you are not able to understand it, write to me, and I will provide you with a detailed sheet.
Regards,
Meenakshi
From India, Pune
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Dear Meenakshi Ji,
Bonus depends on surplus or gross profit for just starting five years. At the beginning stage of a company, it is considerable. If a company earns a profit, they will pay a bonus to their employees for the first five years only. From the 6th year, it becomes a liability. The company has to pay a bonus.
Factors to be judged for Bonus:
- Basic up to Rs.10,000/-
- Minimum working period: 30 days for the last financial year
- Percentage: 8.33% to 20% on Basic.
- Earned basic x percentage = Bonus
Am I correct? Please give your advice also.
Regards,
Manas Roy Chowdhury
From India, Visakhapatnam
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Bonus depends on surplus or gross profit for just starting five years. At the beginning stage of a company, it is considerable. If a company earns a profit, they will pay a bonus to their employees for the first five years only. From the 6th year, it becomes a liability. The company has to pay a bonus.
Factors to be judged for Bonus:
- Basic up to Rs.10,000/-
- Minimum working period: 30 days for the last financial year
- Percentage: 8.33% to 20% on Basic.
- Earned basic x percentage = Bonus
Am I correct? Please give your advice also.
Regards,
Manas Roy Chowdhury
From India, Visakhapatnam
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Dear Ms.Meenakshi, I do agree with Manas Roy Chowdhury..please advise the same DS
From India, Calcutta
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From India, Calcutta
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Bonus range min. 8.33% to max. 20% Calculation 3500 Monthly bonus 3500x8.33%=292 min. 3500x20%=700 Max ABOVE CAL. ARE AS PER RULE. otherwise most of compay pay 1 month basic salary paid
From India, Chennai
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From India, Chennai
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Hi Manas Ji,
According to section 16(1-A), for the first five years, the bonus shall be payable only in respect of the accounting year in which the employer derives a profit without applying the provisions of set on and set off. For the 6th and 7th accounting years, the provisions of set on and set off apply subject to the conditions as mentioned in 16(1 B-I).
I was doing my bonus calculation based on these provisions, which was also certified by a Chartered Accountant. Obviously, other conditions like eligibility, wages, minimum and maximum bonus, and computation of the number of working days shall be kept in mind according to the Bonus Act.
Please correct me if I am wrong?
From India, Pune
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According to section 16(1-A), for the first five years, the bonus shall be payable only in respect of the accounting year in which the employer derives a profit without applying the provisions of set on and set off. For the 6th and 7th accounting years, the provisions of set on and set off apply subject to the conditions as mentioned in 16(1 B-I).
I was doing my bonus calculation based on these provisions, which was also certified by a Chartered Accountant. Obviously, other conditions like eligibility, wages, minimum and maximum bonus, and computation of the number of working days shall be kept in mind according to the Bonus Act.
Please correct me if I am wrong?
From India, Pune
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