Bonus Management Queries
Q.1 Can anybody guide me on what registers we need to maintain for bonuses? How should we maintain them?
Q.2 If any staff member leaves before we calculate the bonus for that financial year, how do we pay their bonus at the time of their Full and Final settlement?
Q.3 Is it the right approach to ask them to collect it at the time of Bonus Distribution?
Regards,
Madhura
From India
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12Q.1 Can anybody guide me on what registers we need to maintain for bonuses? How should we maintain them?
Q.2 If any staff member leaves before we calculate the bonus for that financial year, how do we pay their bonus at the time of their Full and Final settlement?
Q.3 Is it the right approach to ask them to collect it at the time of Bonus Distribution?
Regards,
Madhura
From India
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Thank U Mr. Khola for ur reply. In case of A,B C register I m confused. Can any body else guide me in know more about A,B,C, register & how to maintain it? Regards
From India
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From India
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A & B register are to be maintained by Finance/ Accounts Deeprtments in our company Form C is maintained by HR department.
From India, Pune
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From India, Pune
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Hi Madhura, Yes A,B & C register are available but all HR - Deptt. is maintained only C register will be applicable A & B is also used Accounts & Finance. thanks, Chander HR - Exec.
From India, New Delhi
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From India, New Delhi
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How to calculate bonus and grauity ( while calcuationg the same basic+hra+da+pa) what to be taken please help me for the same what is the limit to get the bonus
From India, Mumbai
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From India, Mumbai
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Dear Madhura, I am attaching some bonus payout documentation for your reference. I too had a similar query and came across this file on the internet. I hope this helps you.
Registers to be Maintained:
- A register showing the computation of the allocable surplus referred to in clause (4) of section 2, in Form A.
- A register showing the set-on and set-off of the allocable surplus, under section 15, in Form B.
- A register showing the details of the amount of bonus due to each of the employees, the deductions under sections 17 and 18, and the amount actually disbursed, in Form C.
Additionally, Form D (Annual Returns) register needs to be maintained. Every employer shall send a return in Form D to the inspector so as to reach him within 30 days after the expiry of the time limit specified in section 19 for the payment of bonus.
Please refer to the below website for the formats of the registers: HRindiaonline.com – forum where potential meets opportunities. (Search on CiteHR | Search on Google)
I hope this information is helpful.
Regards,
Rosa
From India, Mumbai
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Registers to be Maintained:
- A register showing the computation of the allocable surplus referred to in clause (4) of section 2, in Form A.
- A register showing the set-on and set-off of the allocable surplus, under section 15, in Form B.
- A register showing the details of the amount of bonus due to each of the employees, the deductions under sections 17 and 18, and the amount actually disbursed, in Form C.
Additionally, Form D (Annual Returns) register needs to be maintained. Every employer shall send a return in Form D to the inspector so as to reach him within 30 days after the expiry of the time limit specified in section 19 for the payment of bonus.
Please refer to the below website for the formats of the registers: HRindiaonline.com – forum where potential meets opportunities. (Search on CiteHR | Search on Google)
I hope this information is helpful.
Regards,
Rosa
From India, Mumbai
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Hello, I was wondering when I went through this post. I am working with one of the MNCs where we have outsourced our CA/Accounting work. As I joined recently in this company, I don't have an idea whether they are maintaining the register or not. This is an IT company; do the same rules apply to the IT MNC as well? Kindly guide me on this. Being a new HR, what will be my responsibilities in this case?
Regards, Harshada
From India, Pune
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Regards, Harshada
From India, Pune
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