Hello,
It looks like the eligible salary has been increased from 10,000 to 21,000 per month for Diwali bonus. I have a question: if an employee's salary is 15,000/- and his basic is 7,500/-, should I calculate the bonus based on the basic (7,500/-) or on the total salary of 15,000/-? Please guide me and provide any other information regarding Diwali bonuses. Also, could you please clarify when we should give the Diwali bonus? Should we multiply the monthly bonus by 12 months, even though we do not provide a monthly bonus in our company?
Thank you.
From India, Delhi
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30It looks like the eligible salary has been increased from 10,000 to 21,000 per month for Diwali bonus. I have a question: if an employee's salary is 15,000/- and his basic is 7,500/-, should I calculate the bonus based on the basic (7,500/-) or on the total salary of 15,000/-? Please guide me and provide any other information regarding Diwali bonuses. Also, could you please clarify when we should give the Diwali bonus? Should we multiply the monthly bonus by 12 months, even though we do not provide a monthly bonus in our company?
Thank you.
From India, Delhi
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Bonus Calculation Based on New Amendment
As per the new amendment, if an employee's total salary is 15,000 and their basic salary is 7,500, you need to find out what the minimum wage is for your state and industry. You must calculate the bonus on either the basic salary or the minimum wage, whichever is higher.
Bonus payments must be made within 8 months of the completion of the financial year, i.e., by 30th November.
You have to calculate the bonus as follows: Total basic wages paid last financial year or Minimum wages (proportionate to the number of days present in every month in the last financial year) x 8.33% = an employee's bonus.
From India, Chennai
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As per the new amendment, if an employee's total salary is 15,000 and their basic salary is 7,500, you need to find out what the minimum wage is for your state and industry. You must calculate the bonus on either the basic salary or the minimum wage, whichever is higher.
Bonus payments must be made within 8 months of the completion of the financial year, i.e., by 30th November.
You have to calculate the bonus as follows: Total basic wages paid last financial year or Minimum wages (proportionate to the number of days present in every month in the last financial year) x 8.33% = an employee's bonus.
From India, Chennai
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BONUS CALCULATION BY WAGE.xls
Minimum Wage of UP & UK.pdf