Question

what is the formula to calculate employee bonus? ​

Answer 1

Answer:

As per the amendment on the Payment of Bonus Bill passed in 2015, if the gross earning of the employee is below Rs. 21,000, employers are liable to pay bonuses. The bonus will be calculated as follows:

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

Note: Salary means: Basic Salary + Dearness Allowance

Examples:

1. If A’s Salary (Basic + DA) then bonus payable will be: 6,000 x 8.33 / 100= Rs. 500 per month (Rs. 6,000 per year)

2. If B’s Salary (Basic + DA) is Rs. 7,000, then bonus payable will be: 7,000 x 8.33 / 100= Rs. 583 per month (Rs. 6,996 per year)

Explanation:

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Answer 2

Calculation for Bonus Payable

Calculation for Bonus PayableThe bonus will be calculated as follows: 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.

Explanation:

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