Please give details of the bonus allocation and its equation
From India, Kochi
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From India, Kochi
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After applying (or deducting) direct taxes, depreciation, developmental rebate, etc., on gross profit, the available surplus will be arrived at. For companies other than banking institutions, the allocable surplus is 67% of the available surplus. For other establishments, it will be 60%.
The allocable surplus will be distributed among eligible employees. The minimum bonus is 8.33%, and the maximum is 20%. If the allocable surplus is not enough to pay 8.33%, it will be adjusted in the forthcoming four years, called Set Off. Also, if the allocable surplus is more than enough to pay 20%, the balance amount will be carried forward to the next four years, called Set On. Accordingly, the maximum of Set Off and Set On will be 8.33% and 20%, respectively.
Regards, Abbas.P.S
From India, Bangalore
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530The allocable surplus will be distributed among eligible employees. The minimum bonus is 8.33%, and the maximum is 20%. If the allocable surplus is not enough to pay 8.33%, it will be adjusted in the forthcoming four years, called Set Off. Also, if the allocable surplus is more than enough to pay 20%, the balance amount will be carried forward to the next four years, called Set On. Accordingly, the maximum of Set Off and Set On will be 8.33% and 20%, respectively.
Regards, Abbas.P.S
From India, Bangalore
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Allocable Surplus for Bonus.pdf
Amendment to Payment of Bonus Act 2015.jpg