Dear All,
Requesting you to please revert with your expert views on below query
Employee is entitled to Bonus as per Bonus act and drawing a Bonus wage of Rs. 10000/- per month.
In case he is absent for two days he will get Bonus wage = 10000/30*28 = 9333/- which is above Rs. 7000/-
Now for Bonus calculation for that month will be 7000*20% = 1400/-
Or
7000/30*28 =6533*20% = 1307/-
Please advise which calculation is correct and if you have some supreme court case laws please refer.
Thank you in advance!!!
From India, Thrissur
1Requesting you to please revert with your expert views on below query
Employee is entitled to Bonus as per Bonus act and drawing a Bonus wage of Rs. 10000/- per month.
In case he is absent for two days he will get Bonus wage = 10000/30*28 = 9333/- which is above Rs. 7000/-
Now for Bonus calculation for that month will be 7000*20% = 1400/-
Or
7000/30*28 =6533*20% = 1307/-
Please advise which calculation is correct and if you have some supreme court case laws please refer.
Thank you in advance!!!
From India, Thrissur
Bonus is payable on actual Earnings.In the Present case Employee Basic is Rs10,000/-
Bonus is payable on Rs 7,000 or Minimum Wages which ever is Higher.
Find out the Minimum wages applicable for the relevant Year. if the Minimum Wages is more than Rs7,000/- Calculate Bonus on actual Minimum Wages
If Minimum Wages is less than Rs7,000/- Calculate Bonus on Rs7,000/-
Calculation to be based on Actual Earnings
From India, New Delhi
Bonus is payable on Rs 7,000 or Minimum Wages which ever is Higher.
Find out the Minimum wages applicable for the relevant Year. if the Minimum Wages is more than Rs7,000/- Calculate Bonus on actual Minimum Wages
If Minimum Wages is less than Rs7,000/- Calculate Bonus on Rs7,000/-
Calculation to be based on Actual Earnings
From India, New Delhi
Thank you Mr. Srinath. Can you give your advise on the calculation specific to my query.
From India, Thrissur
From India, Thrissur
Dear sir, I am Haragopal, I have small doubt Bonus is calculated on 8.33% or 20% please give me a clarification Thank you sir Regards Haragopal cont : 8520032500
From India, Hyderabad
From India, Hyderabad
First you have to generate Bonus Register Form-A & B
Based on the Information % of Bonus Payable for the respective accounting year is decided not on hypothetical figures but on actual figures.
Loss making units as per Balance sheet are liable to pay a Minimum Bonus @8.33%
Profit making units Payment of Bonus is limited to Maximum of 20%
From India, New Delhi
Based on the Information % of Bonus Payable for the respective accounting year is decided not on hypothetical figures but on actual figures.
Loss making units as per Balance sheet are liable to pay a Minimum Bonus @8.33%
Profit making units Payment of Bonus is limited to Maximum of 20%
From India, New Delhi
Dear Mr. Amit,
If wages is 10000 and he has leave without pay for 2 days, the earned wages for the month will be 10000/26*24 = 9,231
Now for bonus calculation it is as follows:
(a) Suppose minimum wages is Rs.6,855 then bonus will be on Rs.7,000. So it will be 7000*Bonus percentage
(b) Suppose minimum wages is Rs.8,025 then bonus will be on Rs.8,025. So it will be 8025*Bonus percentage
In case he has leave without pay of 9 days, the earned wages for the month will 10000/26*17 = 6,539. In this case bonus calculation will be as follows:
(c) Suppose minimum wages is Rs.6,855 then bonus will be on Rs.7,000 or earned wages, whichever is lower. So it will be 6,539*Bonus percentage
(d) Suppose minimum wages is Rs.8,025 then bonus will be on Rs.8,025 or earned wages, whichever is lower. So it will be 6,539*Bonus percentage
Formula in Excel will be something like this: MIN(EarnedWages, MAX(7000,MinimumWages))
From India, Delhi
If wages is 10000 and he has leave without pay for 2 days, the earned wages for the month will be 10000/26*24 = 9,231
Now for bonus calculation it is as follows:
(a) Suppose minimum wages is Rs.6,855 then bonus will be on Rs.7,000. So it will be 7000*Bonus percentage
(b) Suppose minimum wages is Rs.8,025 then bonus will be on Rs.8,025. So it will be 8025*Bonus percentage
In case he has leave without pay of 9 days, the earned wages for the month will 10000/26*17 = 6,539. In this case bonus calculation will be as follows:
(c) Suppose minimum wages is Rs.6,855 then bonus will be on Rs.7,000 or earned wages, whichever is lower. So it will be 6,539*Bonus percentage
(d) Suppose minimum wages is Rs.8,025 then bonus will be on Rs.8,025 or earned wages, whichever is lower. So it will be 6,539*Bonus percentage
Formula in Excel will be something like this: MIN(EarnedWages, MAX(7000,MinimumWages))
From India, Delhi
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Bonus Calculation.xls
BONUS CALCULATION RULE (1).pdf