I would like to know if the bonus calculation will be based on monthly attendance. Will we deduct salary (3500 Rs) according to attendance each month, or will the bonus be calculated based on a standard 3500 Rs amount?
From India, Indore
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From India, Indore
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Please note the following:
1. The employee who is earning wages up to Rs. 10,000 per month is eligible for a bonus. Those earning above Rs. 10,000 will not be eligible.
2. The employee must have worked at least 30 days in a year to qualify for the bonus, which is calculated based on the financial year from April to March.
3. The maximum wage limit for bonus calculation is Rs. 3,500. Employees earning more than Rs. 3,500 will not be considered for a bonus, while those earning less will be considered at the actual amount.
4. When calculating the bonus, sum up the earned wages at the actual amount (if less than Rs. 3,500) or at the maximum of Rs. 3,500 for all the months worked. For example:
- If an employee earned Rs. 3,200 per month for every month, calculate Rs. 3,200 multiplied by the number of months worked and the percentage of the declared bonus.
- If an employee earned Rs. 5,200 per month for every month, calculate Rs. 3,500 multiplied by the number of months worked and the percentage of the declared bonus.
5. The minimum bonus amount should not be less than Rs. 100 for eligible employees.
I hope you now have a clear understanding of the bonus calculation. For any clarification, please revert.
Regards,
Atul S Malve
Manager - HR & Admin
[Email Removed For Privacy Reasons]
From India, Sholapur
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251. The employee who is earning wages up to Rs. 10,000 per month is eligible for a bonus. Those earning above Rs. 10,000 will not be eligible.
2. The employee must have worked at least 30 days in a year to qualify for the bonus, which is calculated based on the financial year from April to March.
3. The maximum wage limit for bonus calculation is Rs. 3,500. Employees earning more than Rs. 3,500 will not be considered for a bonus, while those earning less will be considered at the actual amount.
4. When calculating the bonus, sum up the earned wages at the actual amount (if less than Rs. 3,500) or at the maximum of Rs. 3,500 for all the months worked. For example:
- If an employee earned Rs. 3,200 per month for every month, calculate Rs. 3,200 multiplied by the number of months worked and the percentage of the declared bonus.
- If an employee earned Rs. 5,200 per month for every month, calculate Rs. 3,500 multiplied by the number of months worked and the percentage of the declared bonus.
5. The minimum bonus amount should not be less than Rs. 100 for eligible employees.
I hope you now have a clear understanding of the bonus calculation. For any clarification, please revert.
Regards,
Atul S Malve
Manager - HR & Admin
[Email Removed For Privacy Reasons]
From India, Sholapur
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Bonus has to be calculated on the wages (Basic + DA) earned for each month in a financial year. Employees whose basic salary is between 3500 and 10000 become eligible for a bonus. If an employee's basic salary is less than 3500, then the bonus will be calculated based on the actual value of the basic salary.
Thank you.
From India, Bangalore
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Thank you.
From India, Bangalore
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SALARY SHEET CALCULATION.xls
Salary calculation.doc