Please give details of the bonus allocation and its equation? - CiteHR
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Please give details of the bonus allocation and its equation
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After applying (or deducting) direct taxes, depreciation, developmental rebate etc. on gross profit, the available surplus will be arrived.
For Companies other than Banking Institutions, allocable surplus is 67% of available surplus. For other establishments it will be 60%.
The allocable surplus will be distributed among eligible employees. Minimum bonus is 8.33% and maximum 20%. If the allocable surplus is not enough to pay 8.33%, it will be adjusted from the forthcoming 4 years, called Set Off. Also if allocable surplus is more than enough to pay 20%, balance amount will be carried forward to next four years; called Set On. Accordingly maximum of Set Off and Set On will be 8.33% and 20% respectively.
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