BONUS CALUCLATION
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Hi Saumya,Please advise on how you enter the ratings. Do you base it on a scale or is it something else?Warm regards,Nikhil
Hi all,Attached is the sheet that we use at our organization to decide month-end performers. It reduces the chance of managers being biased.Thanks,Saumya
Bonus is payable under the Bonus Act. Books on the act are available in the market; you can go and buy them for in-depth details.As far as factory work is concerned, the bonus is applicable if your agreement with the union states so; otherwise, it is as per the ...
Dear Friend,To my knowledge, bonuses have to be given to all employees under the Payment of Bonus Act of 1965\. According to the act, the minimum bonus is 8.33%, and the maximum bonus is 20%.Regards,S. Achuthananda
I am an employer. I have configured the employee salary structure as follows:Basic: 50% of CTCDA: 15% of CTCHRA: 25% of CTCMedical: 10% of CTCIs it right? Also, for bonuses, I have configured it as 65% of CTC (Basic + DA) for all office staff.Is that correct? Pl...
Dear Shilpa, Shakila & Shrihari Rao,If you have no clear knowledge, please do not misguide others.From the financial year 2006-07 onwards, the salary ceiling limit for bonus coverage is Rs. 10,000, and the ceiling limit for the calculation of bonus payment is Rs...
Dear Sir,Can anybody tell me the clear calculation for the bonus after the ceiling revision from 3500/- to 10000/-?
Dear Perumal,As per the Payment of Bonus Act, those employees who are drawing a salary up to Rs.10,000 are eligible, whereas the bonus amount shall be calculated on a Rs.3500 salary per month for those whose salary is in excess of Rs.3500 and up to Rs.10,000\. F...
Dear All,It is a very simple calculation that the employer is bound to pay at least Rs 3500/- (whether it comes by the calculation of 8.33% to 20%) annually as a bonus, if it does not come under an exempted organization (See Bonus Act 1965). Of course, if the em...
Hello Mahesh,If a member's salary is 10,000 Rs and the Basic is 4,000 Rs, then as per 8.33% of the basic figure, it will come to 333.2\. Yearly, it will amount to 3,998.4\. You have to pay as per the rule 3,500, even though the full 3,998.4 can be given.If a mem...