how we calculate bonus if emp getting basic and da 4000 and his gross salary is 10000. is he eligible? if yes then how we calculate
12th September 2008 From India , Patiala

how we calculate bonus if emp getting basic and da 4000 and his gross salary is 10000. is he eligible? if yes then how we calculate
Hi,
He is eligible to get bonus.
Calculation:
Basix + DA is Rs.4,000.00 pm
Bonus Calculation: 4000x12x8.33%(minimum bonus)
Bonus is Rs.3998.40
Regards,
Velmailv
16th September 2008 From India , Coimbatore
how we calculate bonus if emp getting basic and da 4000 and his gross salary is 10000. is he eligible? if yes then how we calculate
Hi,
He is eligible to get bonus.
Calculation:
Basic + DA is Rs.4,000.00 pm
Bonus Calculation: 4000x12x8.33%(minimum bonus)
Bonus is Rs.3998.40
Regards,
Velmailv
thank You am really satisfied with this reply.... here my Question is bonus calculation as per above 4000x12x8.33% - 4000 is Basic + DA x 12 [(is it a month ???(one year)] x 8.33% declared % .
if it is a month, if an employee joined mid of the year, assume that might joined in the month of August then how do u calculate it ???? pls explain me in detail
Regards,
Pratima.
18th September 2008 From India , Bangalore
Dear All,
Need your help friends!!!!
Currently, we have openings for fresher (2-Tech Support, 1 - Java, 2 - .Net, 1 - Lotus Notes). Request you to send me the profiles.So that, we can shortlist the profiles. Based on the profiles, we will call them to attend a interview.
Pls let me know EDLI (insurance). what is the amount to be paid to PF depat?........ and how to define the salary structure.

Thanks
Joe

Dear Pratima,
Hope, bonus will nor give for 1 year. In my company, we hv changed the pay structure. (ie.,Basic, hra, da, Spl. all and bonus). So, if sum one joined in mid of the month, we can easily calculate the bonus.

Thanks
Joe
18th September 2008 From United States ,

Dear Pratima,
Hope, bonus will nor give for 1 year. In my company, we hv changed the pay structure. (ie.,Basic, hra, da, Spl. all and bonus). So, if sum one joined in mid of the month, we can easily calculate the bonus.
Thanks
Joe


Dear Joe,

Thank u 4 u r reply... above u said bonus will not give for 1year wat is the method ??? how do u conceder ?? what is the method for new joned Emp??

Regards
Pratima

<link outdated-removed>



19th September 2008 From India , Bangalore
Dear Pratima,
(Basic + DA = Rs.4,000.00) if Basic is Rs.4000 means + add DA amount
X 12 is (one Year)(for taking bonus earnings) X 8.33% declared.
If it is a month, you take Total bonus earnings of an employee who joined
mid of the year (i.e financial year April-Mar) X 8.33% declared %
for an example:
A is joined in Aug 2006 and his basic + Da is Rs.5500.00
Total bonus earnings = 5500(Basic+DA)x8(Aug06toMar07=8months)
= Rs.44000x8.33% declared = Rs.3665.20.
Regards
Velmailv
Bonus deduction is applicable under Sec 18 of the Payment of Bonus Act
1965 for any accounting year an employee is found guilty of misconduct
causing any financial loss to the company.The employer may deduct the amount of loss from bonus payable to him in respect of that accounting
year only.
Regards.
Velmail.V
19th September 2008 From India , Coimbatore
Hi Ashwani,
As per Bonus Act there is limit for computation of Bonus.
If gross salary is 10000 and below and total Basic+DA+permisable allw. is 4000/-and if employee's attendance is 100% then He/She is entitle to draw Bonus as bellow.
3500 x 12 = 42000/-
Declare rate of Bonus >=20 % or minimum 8.33% to be calculated on above limit of Rs 42000/-
If Bonus % is declared 8.33% then Bonus would be RS 3498.6
If Bonus % is declared 10% then Bonus would be RS4200.00.
Any thing considered above 3500/- limit would be treated as Ex-gratia
Regds,
Haren
19th September 2008 From India , Mumbai
Dear All
As per the provisions of the Payment of Bonus Act, all employees whose salary is Rs.10000/- (basic and DA) and below are eligible for bonus.
But, payment of bonus is restricted to Rs.3500/-. This means, even though his salary (basic + DA) is more than Rs.3500/- it should be treated as Rs.3500/- only.
For example, for the employee who gets salary of Rs.4000/-, the salary is to be taken as Rs.3500/- and calculate bonus as below:
Salary x 12 months x percentage of bonus. This means
3500 x 12 x 8.33%
In the case where the monthly salary is less than Rs.3500/-, for calculation the actual salary is to be taken.
The percentage of bonus is arrived at based on the formula of:
Available surplus
Allocable Surplus
Set on and set off - which is explained in the Act. This is based on the profit of the organisation and generally Auditors would be able to guide the HR team to arrive at the percentage.
Thanks
G.Sankaranarayanan
Sans Management Solutions

19th Sep 2008
19th September 2008 From India , Madras
IF Bonus given before diwali. How I take 1 year for calculation (April to Mar) or (Nov to Oct) which is correct as per bonus act.
20th September 2008 From India , Madras
Dear Pratima,

Initially we hv paid like basic, hra, da & spl. allowance. Now, we hv chaged the pay stature as basic, hra, da, spl.all & bonus (we hv included bonus column and added the bonus amt in the bonus stature). If I joined in the month of May. The company will not pay the bonus.
For bonus, I have joined before March (financial year). Existing emp.,ís bonus, we can pay it as arrears.

Thanks
Joe
20th September 2008 From United States ,

 

Discuss problems openly with your peers around the world without getting into company specifics. Access to years of such problem discussion data and business material is at your finger tips. All resources created by our members are available to everyone at no cost.


Disclaimer: This network and the advice provided in good faith by our members only facilitates as a direction. The advice should be validated by proper consultation with a certified professional. The network or the members providing advice cannot be held liable for any consequences, under any circumstances.


About Us - Advertise - Contact Us - RSS   On Google+  
Privacy Policy | Disclaimer | Terms Of Service
Facebook Page | Follow Us On Twitter | Linkedin Network