Dear Seniors,
I am working as an HR Executive in a Real Estate office. Every September, my company provides a bonus to employees. I am confused about whether to calculate the bonus based on the gross salary or basic salary. Could someone please explain to me how to calculate the bonus?
Thank you,
Santosh Kumar
HR Executive
From India, Hyderabad
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29I am working as an HR Executive in a Real Estate office. Every September, my company provides a bonus to employees. I am confused about whether to calculate the bonus based on the gross salary or basic salary. Could someone please explain to me how to calculate the bonus?
Thank you,
Santosh Kumar
HR Executive
From India, Hyderabad
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In case of Bonus payment Mr. Pankaj is correct, but subject to a salary ceiling of Rs. 3500. Abbas.P.S
From India, Bangalore
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From India, Bangalore
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Dear Santosh Kumar,
The bonus will be calculated based on the Basic Salary. The ceiling for the same has been raised to 10,000/- but can be restricted to 3500/- per month. If your company is new, then you can pay them 8.33% per month, i.e., 3500 / 8.33% * 12. However, if you want to pay 20%, i.e., after 5 years, you can pay the same as Ex-gratia, 11.67%. This should be paid before 8 months ending the Financial Year, i.e., Financial year from April to March. Payments should be made before November of the preceding year.
Hope this is clear now.
Regards,
SIDMAN
From India, Madras
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The bonus will be calculated based on the Basic Salary. The ceiling for the same has been raised to 10,000/- but can be restricted to 3500/- per month. If your company is new, then you can pay them 8.33% per month, i.e., 3500 / 8.33% * 12. However, if you want to pay 20%, i.e., after 5 years, you can pay the same as Ex-gratia, 11.67%. This should be paid before 8 months ending the Financial Year, i.e., Financial year from April to March. Payments should be made before November of the preceding year.
Hope this is clear now.
Regards,
SIDMAN
From India, Madras
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BONUS CALCULATION FOR W.B.Govt employee for 2010-2011.xls
Salary calculation.doc