Dear all,
Our company has declared bonus of 16%. so how do i calculate bonus for a person drawing monthly salary of Rs.5000.
will it be 5000*12*16% =Rs.9600 (so maximum rs8400 to be paid)
or 3500*12*16% = Rs6720 (Rs.3500 max sal limit)
Please advice at the earliest.
Regards
Athif
From India, Madras
11Our company has declared bonus of 16%. so how do i calculate bonus for a person drawing monthly salary of Rs.5000.
will it be 5000*12*16% =Rs.9600 (so maximum rs8400 to be paid)
or 3500*12*16% = Rs6720 (Rs.3500 max sal limit)
Please advice at the earliest.
Regards
Athif
From India, Madras
Our company has declared bonus of 16%. so how do i calculate bonus for a person drawing monthly salary of Rs.5000.
will it be 5000*12*16% =Rs.9600 (so maximum rs8400 to be paid)
or 3500*12*16% = Rs6720 (Rs.3500 max sal limit)
Please advice at the earliest.
anand.B
From India, New Delhi
will it be 5000*12*16% =Rs.9600 (so maximum rs8400 to be paid)
or 3500*12*16% = Rs6720 (Rs.3500 max sal limit)
Please advice at the earliest.
anand.B
From India, New Delhi
Dear Gaurav,
Please read the mail of jagan & ravi . all things related to bonus clarified by him very well. if any employee absent (LWP) you can deduct lWP amount from his bonus. calculation depend upon minimum/maximum bonus .
Regards,
Arun
09935098288
From India, Delhi
Please read the mail of jagan & ravi . all things related to bonus clarified by him very well. if any employee absent (LWP) you can deduct lWP amount from his bonus. calculation depend upon minimum/maximum bonus .
Regards,
Arun
09935098288
From India, Delhi
Bonus calicalations based the salary for the month ie. from April to March (Calender year) we should calculate 8.33% of wages for monthwise .but not on the annnual salary.
For example, If an employees' salary for month Rs. 10,000 in month August. and he got annual increment of Rs. 500/-in the month of Sept. then he is not eligible to recive Bonus for the month Sept. like wise.
For example, If an employees' salary for month Rs. 10,000 in month August. and he got annual increment of Rs. 500/-in the month of Sept. then he is not eligible to recive Bonus for the month Sept. like wise.
Hi Samvedan,
I need your help.
I am working with an Indian company and currently under notice period. I
am getting relieved on February 27, 2009.
My bonus component was due in March's appraisal.
I want to know that if I have worked for past 11 months, am I eligible
to get a bonus on pro-rata basis?
I am ready to wait till March end - April for the company to disperse the same.
Kindly help ASAP!
Regards,
Anshu
From India, Bangalore
I need your help.
I am working with an Indian company and currently under notice period. I
am getting relieved on February 27, 2009.
My bonus component was due in March's appraisal.
I want to know that if I have worked for past 11 months, am I eligible
to get a bonus on pro-rata basis?
I am ready to wait till March end - April for the company to disperse the same.
Kindly help ASAP!
Regards,
Anshu
From India, Bangalore
This is for Anshoog and other interested members!
To be eligible to receive Bonus under the Act:
Having provided the basic information, permit me to add a few observations. Very few employers meticulously adhere to the law. Often the employees as are not covered under the act are also paid derived bonus under the act but it is called by various names like, "ex-gratia", "performance bonus" etc. These are NOT to be confused with or as Bonus under the act.
Many times one finds that Bonus is paid even at 20% but being the maximum payable bonus, no one complains, yet the law may have been ignored!
I suppose you have got your answers. If there are more questions, you are welcome.
Regards
samvedan
February 10, 2009
------------------
From India, Pune
To be eligible to receive Bonus under the Act:
- You have to be a covered employee. (In case of doubt read this thread from the beginning.)
- You have to have worked for atleast 30 days in the agreegate during the financial year.
- The Bonus under the act has nothing to do with your appraisals. Only non-statutory bonus may be linked to performance and therefore to the reviews!
- The process that leads to declaration of bonus under the act goes as under:
- After the close of the financial year the company accounts are finalized. Simultaneously Bonus is determined by following a method prescribed under the Payment of Bonus Act-mostly done by the company CA or the Finance Department.
- Bonus is always a derived figure and depends upon the calculation of Allocable Surplus, Available Surplus and after taking into account the Set On and the Set Off position prescribed under the act.
- Bacause the process of finalization of accounts, the statutory audit, calculation of bonus under the act etc. take the time, the law has stipulated EIGHT months time from the close of the financial year (i.e. upto the end of November) for the payment of statutory bonus.
Having provided the basic information, permit me to add a few observations. Very few employers meticulously adhere to the law. Often the employees as are not covered under the act are also paid derived bonus under the act but it is called by various names like, "ex-gratia", "performance bonus" etc. These are NOT to be confused with or as Bonus under the act.
Many times one finds that Bonus is paid even at 20% but being the maximum payable bonus, no one complains, yet the law may have been ignored!
I suppose you have got your answers. If there are more questions, you are welcome.
Regards
samvedan
February 10, 2009
------------------
From India, Pune
mmm.. its realy good to c.. every body here helping the people..nice to c this.. i just make my new loging 2day n become happy to part of u all guys.. I m also from HR since last 10 years
From India, Pune
From India, Pune
Thanks Samvedan for your prompt response!
Much appreciated!
I have a few clarifications/questions.
Mine is a non-statutory bonus component. I know this is performance based and is linked with appraisal.
My performance had been "Exceed" in the last year and have contributed to the business as well. But since I will not be available in March for the appriasal, I will loose this entire money which actually I deserved.
Is there any law by which I can claim this amount or atleast a percentage of it from my exisiting company (on a pro-rata basis or otherwise)?
Kindly help as soon as possible,
Regards,
anshoog (Anshu)
From India, Bangalore
Much appreciated!
I have a few clarifications/questions.
Mine is a non-statutory bonus component. I know this is performance based and is linked with appraisal.
My performance had been "Exceed" in the last year and have contributed to the business as well. But since I will not be available in March for the appriasal, I will loose this entire money which actually I deserved.
Is there any law by which I can claim this amount or atleast a percentage of it from my exisiting company (on a pro-rata basis or otherwise)?
Kindly help as soon as possible,
Regards,
anshoog (Anshu)
From India, Bangalore
Thanks Samvedan for your prompt response!
Much appreciated!
I have a few clarifications/questions.
Mine is a non-statutory bonus component. I know this is performance based and is linked with appraisal.
My performance had been "Exceed" in the last year and have contributed to the business as well. But since I will not be available in March for the appriasal, I will loose this entire money which actually I deserved.
Is there any law by which I can claim this amount or atleast a percentage of it from my exisiting company (on a pro-rata basis or otherwise)?
Kindly help as soon as possible,
Regards,
anshoog (Anshu)
From India, Bangalore
Much appreciated!
I have a few clarifications/questions.
Mine is a non-statutory bonus component. I know this is performance based and is linked with appraisal.
My performance had been "Exceed" in the last year and have contributed to the business as well. But since I will not be available in March for the appriasal, I will loose this entire money which actually I deserved.
Is there any law by which I can claim this amount or atleast a percentage of it from my exisiting company (on a pro-rata basis or otherwise)?
Kindly help as soon as possible,
Regards,
anshoog (Anshu)
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From India, Bangalore
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