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Sep 19, 2023 · If your salary is equal to or less than ₹7,000 per month, calculate the bonus using the below formula: Bonus = 7000 * 8.33 / 100 If your salary is greater than ₹7,000 per month, calculate the bonus using the below formula: Bonus = Minimum wages (Depends upon state and skill category of employee) * 8.33 / 100 Note that the bonus percentage ...
Examples of Calculation of Bonus. Case 1 If the Basic salary of the employee is less than or equal to Rs 7,000. Saahil is working as an engineer in a Company in Bangalore. His basic salary is Rs. 6,500 per month. Formula: Basic Salary*8.33% = Bonus per month. 6500*8.33% = 541.45 (6497.4 per annum)
Jun 27, 2024 · If salary is equal to or less than Rs. 7,000, then the bonus will be calculated on the actual amount by using the formula: Bonus= Salary x 8.33 / 100 If salary is more than Rs. 7,000, then the bonus will be calculated on Rs. 7,000 by using the formula: Bonus= 7,000 x 8.33 /100
Jul 17, 2023 · The formula for the calculation of bonus is simple: Applicable Bonus = Your Salary x 8.33/100 The aforementioned formula applies only if your monthly salary is equal to or less than ₹7,000.
Statutory Bonus Calculator as per Bonus Act. Online recalcule bonus amount based on minimum wage, payable days and revised basic salary
Jun 27, 2024 · If Salary is more than Rs. 7,000/- then the bonus is calculated on Rs. 7,000/- by using the formula: Bonus = 7,000 x 8.33/100 For example, If Z’s Salary is Rs. 5,000/- than bonus payable shall be = 5,000 x 8.33/100 = 416.5 per month (Rs. 4,998 per year)
Bonus Calculation in India with example. For an example if an employee basic salary is 12000 Rs ( here we will take 7000 Rs only as bonus salary) and he works for 12 months in a financial year then the bonus amount he will get in that year will be calculated like this : Bonus Calculation Formula In India = (Basic Salary + DA) x Number Of Months ...
Mar 14, 2024 · Calculation of Bonus as per Bonus Act (Amendment of 2015) If the gross earning of your employees is below Rs.21000 you are eligible to pay a bonus. Calculation of bonus will be as follows: If Basic+DA is below Rs.7000 then the bonus will be calculated on the actual amount. If Basic+DA is above Rs.7000 then the bonus will be calculated on Rs.7000.
The Statutory Bonus Calculator is a free tool developed by Zoho to calculate the amount of statutory bonus that an eligible employee can get in a financial year. It uses the employee's basic and dearness allowance, minimum wage in the state, and the statutory bonus percentage to compute the bonus.
Efficiency and Time Savings: Employers can streamline bonus calculations and save time by using the calculator, allowing them to focus on other critical business operations. Example of Bonus Calculation: Consider an employee with a basic salary of ₹30,000 and a performance rating of 90% in a company that achieved a profit of ₹10,00,000.
