My query is related to Statutory Bonus and On-Target Variable Compensation. Please note that, as per the offer letter, my salary breakup is as follows:
- Total Fixed Compensation: ₹2,37,500
- Annual Variable Compensation: ₹12,500
- Total Cash Compensation: ₹2,50,000
As my Basic is below ₹10,000, I am receiving ₹700 as a statutory bonus (which is not mentioned in my offer letter). At the time of the bonus payout, I received ₹4,100 as per the below structure:
- Annualized Target VC: ₹12,500
- Paid towards Statutory Bonus: ₹8,400 (₹700*12)
- Gross VC: ₹4,100
Please let me know if this is correct or not. My email address is [Email Removed For Privacy Reasons].
Thanks.
From India, Calcutta
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- Total Fixed Compensation: ₹2,37,500
- Annual Variable Compensation: ₹12,500
- Total Cash Compensation: ₹2,50,000
As my Basic is below ₹10,000, I am receiving ₹700 as a statutory bonus (which is not mentioned in my offer letter). At the time of the bonus payout, I received ₹4,100 as per the below structure:
- Annualized Target VC: ₹12,500
- Paid towards Statutory Bonus: ₹8,400 (₹700*12)
- Gross VC: ₹4,100
Please let me know if this is correct or not. My email address is [Email Removed For Privacy Reasons].
Thanks.
From India, Calcutta
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Rules for Statutory Deductions Exemptions Perquisites-Pay roll.doc