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Bonus Calculation Formula in India

Bonus to be paid under Payment of Bonus Act, 1965 is to be calculated as under:

1. it depends upon the percentage on which your company wants to give bonus to its employees. Minimum bonus is 8.33% of basic salary earned during the accounting year and Maximum is 20% under the payment of Bonus Act, 1965.

2. Eligibility: Bonus under Payment of Bonus Act, 1965 is required to be to employees whose salary (Basic) is of less than Rs.10000.00 per month during the accounting year for which bonus is to be paid.
3. Bonus is to be calculated for eligible employees assuming salary ( Basic) as Rs.3500.00 per month or less, if, it is less then Rs.3500.00

4.Multiply the yearly sum of salary thus worked out as per above clause 3 with rate of bonus. The figure is bonus payable to employee under the act.

5. Payment is to be made on Register prescribed under the act.

6. Return of payment of bonus is to be submitted with ALC or other designated authority under the act, within 30 days of payment of bonus to employees.

 

Please find the attached file for bonus Calculation.

Download Bonus Calculation

 

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5 comments - What do you think?
Posted by Hrformats - October 14, 2013 at 11:21 AM

Categories: HR   Tags:

Bonus Calculation

I have prepared the calculation of Bonus (As per Bonus Act 1965).

Click Here To Download Bonus_Calculation

1 comment - What do you think?
Posted by Hrformats - May 11, 2011 at 8:26 AM

Categories: Acts, HR   Tags: