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Dear all, Kindly share how to calculate bonus. Who are eligible for bonus.
Thank you
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Any employee receiving salary or wages up to RS.21,000 per month and engaged in any work whether skilled, unskilled, managerial, supervisory etc. is entitled to the 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.
Onkar Pimple
Bonus has to be calculated on the basis of allocable surplus which is arrived from gross profit and available surplus. Based on allocable surplus % of bonus will be determined between 8.33% to 20% and set off or set on amount will also be determined.
Based on eligibility condition of each employee and % of bonus arrived by calculation - bonus will be determined on the basis of actual salary if it is less than 7000/- per month and on 7000/- or minimum wages which ever is higher in case of salary 7000/- or more than that.
S K Bandyopadhyay
+91 98310 81531

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