What Dr. Sivakumar and Mr. Madhu T K have been posted, I would like to add the followings:-
1. Bonus is a deferred wages. Therefore, Bonus for financial year 2021-2022 will be payable by 30th November,2022 which is within 8 months after completion of the financial year.
2. Most of the States published Minimum wages twice in a year. So the average minimum wages should be determined for different skill grade USK, SSK, SK &HSK for the financial year 2021-22 to pay Bonus in 2022.
3. As mentioned in the original post that there is enough Available Surplus and allocable surplus , % of Bonus across the board should be determined first by determination of
minimum bonus (8.33%) in each grade on the basis of minimum wages of each grade and then total bonus disbursement amount by multiplying number of eligible employees in each grade and then sum up total disbursement for all skill grades for the organization.
4. We will arrive at the total amount to be required to be disbursed across the board for minimum bonus and say the amount is x and total allocable surplus is A. Therefore % of Bonus will be (8.33/x) * A. Before doing the calculation - Set on or Set off if any any has to be considered. If the % is below 20, then the said % should be paid across the board. If the % is more than 20, then 20% will be across the board and if any surplus amount left after disbursement of bonus, the said amount subject to maximum 20% value of amount will be Set on.
5. If the organization has business in more than one States and has only one balance sheet, then in the above way 1st to determine the amount of 8.33% bonus which is minimum bonus for all locations for all grade and then to determine % of bonus for the organization.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
+91 98310 81531
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