Dear all, Kindly share how to calculate bonus. Who are eligible for bonus. Thank you
From India
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2From India
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Hello,
Any employee receiving a salary or wages up to Rs. 21,000 per month and engaged in any work, whether skilled, unskilled, managerial, supervisory, etc., is entitled to a bonus for every year if the employees have worked for not less than 30 working days in the same year.
If the basic salary of the employee is less than or equal to Rs 7,000:
Formula: Basic Salary * 8.33% = Bonus per month
If the basic salary of the employee is higher than Rs 7,000:
Formula: Basic Salary * 20% = Bonus per month
If the basic salary of the employee is higher than Rs 21,000:
There is no bonus applicable to employees having a basic salary of more than Rs 21,000.
Thanks,
Onkar Pimple
From India, Pune
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Any employee receiving a salary or wages up to Rs. 21,000 per month and engaged in any work, whether skilled, unskilled, managerial, supervisory, etc., is entitled to a bonus for every year if the employees have worked for not less than 30 working days in the same year.
If the basic salary of the employee is less than or equal to Rs 7,000:
Formula: Basic Salary * 8.33% = Bonus per month
If the basic salary of the employee is higher than Rs 7,000:
Formula: Basic Salary * 20% = Bonus per month
If the basic salary of the employee is higher than Rs 21,000:
There is no bonus applicable to employees having a basic salary of more than Rs 21,000.
Thanks,
Onkar Pimple
From India, Pune
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Bonus has to be calculated on the basis of allocable surplus, which is arrived from gross profit and available surplus. Based on the allocable surplus percentage, the bonus will be determined between 8.33% to 20%, and the set-off or set-on amount will also be determined.
Based on the eligibility condition of each employee and the percentage of bonus arrived at by calculation, the bonus will be determined on the basis of the actual salary if it is less than 7000/- per month and on 7000/- or minimum wages, whichever is higher, in the case of a salary of 7000/- or more.
S K Bandyopadhyay
From India, New Delhi
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Based on the eligibility condition of each employee and the percentage of bonus arrived at by calculation, the bonus will be determined on the basis of the actual salary if it is less than 7000/- per month and on 7000/- or minimum wages, whichever is higher, in the case of a salary of 7000/- or more.
S K Bandyopadhyay
From India, New Delhi
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BONUS CALCULATION FOR W.B.Govt employee for 2010-2011.xls
BONUS CALCULATION RULE (1).pdf