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Bonus calculation starts with available surplus from the audited balance sheet/PL account. It is done by the accounts department. Then there is allocable surplus, which is a certain percentage of the available surplus. For organizations already paying bonuses, set on & set off will be considered to arrive at the final percentage of the bonus.
For employees, the calculation will be based on ₹7000 or minimum wages, whichever is higher, and the actual number of days present without LWP, subject to a minimum of 30 days present with pay in the year.
Please refer to the Bonus Act; in the schedule, you will find an example of set on & set off and other relevant information.
S K Bandyopadhyay (WB, Howrah) CEO-USD HR Solutions
From India, New Delhi
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For employees, the calculation will be based on ₹7000 or minimum wages, whichever is higher, and the actual number of days present without LWP, subject to a minimum of 30 days present with pay in the year.
Please refer to the Bonus Act; in the schedule, you will find an example of set on & set off and other relevant information.
S K Bandyopadhyay (WB, Howrah) CEO-USD HR Solutions
From India, New Delhi
Acknowledge(0)Amend(0)Engage with peers to discuss and resolve work and business challenges collaboratively. Our AI-powered platform, features real-time fact-checking, peer reviews, and an extensive historical knowledge base. - Register and Log In.
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