Hi,
Could you provide some clarity on anniversary and annual appraisal. For anniversary appraisal when is the revision applicable from?
How do you calculate bonus, what % of ctc (or is it % of basic). Is it compulsory to provide bonus for all designations?
From India, Bangalore
Could you provide some clarity on anniversary and annual appraisal. For anniversary appraisal when is the revision applicable from?
How do you calculate bonus, what % of ctc (or is it % of basic). Is it compulsory to provide bonus for all designations?
From India, Bangalore
3
Hi
Bonus is calculated on the basic wages. The % is 8.33% or generally there will be 1 month basic wages.
Bonus is paid to every one irrespective of the designation who are drawing salary on below 10000/-
Annual appraisals has many process as self appraisal, 180 degree appraisal, 360 degree appraisal etc. you should follow any one of those formats.
From India, Bangalore
Bonus is calculated on the basic wages. The % is 8.33% or generally there will be 1 month basic wages.
Bonus is paid to every one irrespective of the designation who are drawing salary on below 10000/-
Annual appraisals has many process as self appraisal, 180 degree appraisal, 360 degree appraisal etc. you should follow any one of those formats.
From India, Bangalore
Hi Shany Jalal Find enclosed attachment for Performance appraisals as traditional, 180 Degree & 360 Degree.
From India, Bangalore
From India, Bangalore
Dear Senior, My question is that please confirm me the Bonus Calculation process Total Basic of 12 months(Financial year) * 8.33% * 12 Please let me know if I am not correct, Regards DS
From India, Calcutta
From India, Calcutta
Dear DS,
This is not the correct way to calculate the bonus.Bonus calculation is generally based on available surplus,allocable surplus,gross profit and set on and set off.First read Bonus Act ,you will get an clear idea about these terminologies and bonus calculation process.
If you are not able to understand it,write me I will give you the detailed sheet.
Regards
Meenakshi
From India, Pune
This is not the correct way to calculate the bonus.Bonus calculation is generally based on available surplus,allocable surplus,gross profit and set on and set off.First read Bonus Act ,you will get an clear idea about these terminologies and bonus calculation process.
If you are not able to understand it,write me I will give you the detailed sheet.
Regards
Meenakshi
From India, Pune
Dear Meenakshi Ji,
Bonus depends on surplus or gross profit for just starting five years. At the beginning stage of a company it is considerable. If company earns profit, they will pay bonus to their employees for first five years only. From the 6th year, it becomes liability. Company has to pay bonus.
Factors to be judged for Bonus:
Basic up to Rs.10,000/-
Minimum working period : 30 days for last financial year
Percentage: 8.33% to 20% on Basic.
Earned basic x percentage = Bonus
Am I correct ?
Please give your advice also.
Regards,
Manas Roy Chowdhury
From India, Visakhapatnam
Bonus depends on surplus or gross profit for just starting five years. At the beginning stage of a company it is considerable. If company earns profit, they will pay bonus to their employees for first five years only. From the 6th year, it becomes liability. Company has to pay bonus.
Factors to be judged for Bonus:
Basic up to Rs.10,000/-
Minimum working period : 30 days for last financial year
Percentage: 8.33% to 20% on Basic.
Earned basic x percentage = Bonus
Am I correct ?
Please give your advice also.
Regards,
Manas Roy Chowdhury
From India, Visakhapatnam
Dear Ms.Meenakshi, I do agree with Manas Roy Chowdhury..please advise the same DS
From India, Calcutta
From India, Calcutta
Bonus range min. 8.33% to max. 20% Calculation 3500 Monthly bonus 3500x8.33%=292 min. 3500x20%=700 Max ABOVE CAL. ARE AS PER RULE. otherwise most of compay pay 1 month basic salary paid
From India, Chennai
From India, Chennai
Hi Manas Ji,
According to sec 16(1-A) for 1st five years bonus shall be payable only in respect of the accounting year in which employer derives profit without applying the provisions of set on and set off.For the 6th and 7th accounting years provisions of set on and set off apply subject to the conditions as mentioned in 16(1 B-I).
I was doing my bonus calculation based on these provisions which was also certified from CA.
Obviously other conditions like eligibility ,wages ,minimum and maximum bonus,computation of number of working days shall be kept in mind according to the bonus act.
Please correct If I am wrong?
From India, Pune
According to sec 16(1-A) for 1st five years bonus shall be payable only in respect of the accounting year in which employer derives profit without applying the provisions of set on and set off.For the 6th and 7th accounting years provisions of set on and set off apply subject to the conditions as mentioned in 16(1 B-I).
I was doing my bonus calculation based on these provisions which was also certified from CA.
Obviously other conditions like eligibility ,wages ,minimum and maximum bonus,computation of number of working days shall be kept in mind according to the bonus act.
Please correct If I am wrong?
From India, Pune
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Amendment to Payment of Bonus Act 2015.jpg
Employee Appraisal Form new.doc
Bonus act amendment gazette copy.pdf