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

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 ₹10,000, I am receiving ₹700 as a statutory bonus (which is not mentioned in my offer letter). At the time of the bonus payout, I received ₹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 this is correct or not. My email address is [Email Removed For Privacy Reasons].

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?