Hello Iam working in MNC in HR & Admin Department Can you please explane me Bonus & Gratuity Calculation With Regards, Smita
Hi
Bonus is applicable, when an employee who is maximum having a gross monthly pay of Rs. 3500.00, people drawing above this, are not eligible for receive bonus. Min. bonus that can be paid to an employee is limited to Rs. 2500 (also depending upon the period he was present), the maximum bonus can be paid upto 20%.
An employee who has worked for 30 days in a year is eligible to receive bonus.
Gratuity is a reward from the employer for employee's honest, diligent and continuous 5 years of service. The co. pays salary of 15 days in a year, if any employee has worked for 5 years, he is eligible for receive 2.5 months pay (it is calculated on his last drawing salary)
formula for gratuity calculation:
gratuity= salary x 15 x years of working / 26
with best regards,
Umesh Chaudhary
(welcomeumesh@yahoo.com)
From India, Delhi
141Bonus is applicable, when an employee who is maximum having a gross monthly pay of Rs. 3500.00, people drawing above this, are not eligible for receive bonus. Min. bonus that can be paid to an employee is limited to Rs. 2500 (also depending upon the period he was present), the maximum bonus can be paid upto 20%.
An employee who has worked for 30 days in a year is eligible to receive bonus.
Gratuity is a reward from the employer for employee's honest, diligent and continuous 5 years of service. The co. pays salary of 15 days in a year, if any employee has worked for 5 years, he is eligible for receive 2.5 months pay (it is calculated on his last drawing salary)
formula for gratuity calculation:
gratuity= salary x 15 x years of working / 26
with best regards,
Umesh Chaudhary
(welcomeumesh@yahoo.com)
From India, Delhi
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Gratuity calculation.doc
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