Is My Statutory Bonus and Variable Compensation Calculation Correct? Seeking Advice

Hi,

My query is related to Statutory Bonus and On-Target Variable Compensation. Please note that, as per the offer letter, my salary breakup is as follows:
Total Fixed Compensation - 2,37,500
Annual Variable Compensation - 12,500
Total Cash Compensation - 2,50,000

As my Basic is below 10k, I am getting Rs. 700 as statutory bonus (which is not mentioned in my offer letter). At the time of bonus payout, I received Rs. 4,100 as per the below structure:
Annualized Target VC - 12,500
Paid towards Statutory Bonus - 8,400 (700*12)
Gross VC - 4,100.

Please let me know if the same is correct or not. My email address is deep.m.9990@gmail.com.

Thanks.

Hi all,

I am waiting for your help. Can anyone please help me to understand if statutory bonus paid throughout the year can be deducted from the Annual Variable component?