How to calculate bonus? this is general question by every one ether bonus payment team like, HR or payroll & finance or an employee.
Bonus is payment as per The Payment of bonus act 1965.
Every employee those monthly basic +DA is less than or equal to 21000, is eligible for bonus payment. Bonus payment is statutory compliance.
Bonus Payment last date is : 30 November
Maximum bonus : 20%
Minimum Bonus : 8.33%
How to Calculate Bonus:
First Step : minimum wages and 7000 which ever is higher.
Second Step: First Step and monthly Basic salary which is less.
We need to calculate bonus 8.33% OR 20% on Second Step.
Bonus return form : A,B,C,D