Hi Friends,
I have some knowledge about bonus calculation, we take Basic+Da(from april,07 till april,08) *8.33% and do we also have to take their number of years into consideration for bonus calculation or only the BP + DA. I have another doubt, does the bonus calculation is based on the profit. Do every company follow the same policy of the calculation.
Thank You,
Jaanu
From India, Madras
I have some knowledge about bonus calculation, we take Basic+Da(from april,07 till april,08) *8.33% and do we also have to take their number of years into consideration for bonus calculation or only the BP + DA. I have another doubt, does the bonus calculation is based on the profit. Do every company follow the same policy of the calculation.
Thank You,
Jaanu
From India, Madras
AS per Payment of Bonus Act 8.33% is the mininmum bonus payable to those employees coming under the wage ceiling fixed by the act.
Profit making companies have to pay full bonus i.e. 20% of Basic salary.
There are many provisions regarding the same you should refer Payment of Bonus Act.
regards,
Nitin.
From India, Pune
Profit making companies have to pay full bonus i.e. 20% of Basic salary.
There are many provisions regarding the same you should refer Payment of Bonus Act.
regards,
Nitin.
From India, Pune
1Find answers from people who have previously dealt with business and work issues similar to yours - Please Register and Log In to CiteHR and post your query.
Bonus Calculation.xls
BONUS CALCULATION RULE (1).pdf