Statutory Bonus Calculation: Simplified by Payroll Expert

19 July
2024

2:00
PM

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Transform your bonus distribution: make it more efficient and effortless!

Ensure 100% stress-free statutory bonus calculation with us!

  • Avail Monthly Bonus

    Avail Monthly Bonus

    Easily deposit monthly bonus directly in the employee account from the company's account and ensure a seamless and hassle-free transfer at lightening speed- employee bonus calculation simplified!

  • Check Bonus Status

    Check Bonus Status

    Monitor status of bonuses with ease using intuitive platform & stay updated with bonus allocations in real-time. With user-friendly dashboards & detailed reports, track the distribution of bonuses

  • Multiple month bonus

    Multiple month bonus

    Save valuable time and effort by automating the process of consistent monthly bonus distribution according to your preferred timeline. Adjust amounts accordingly- Schedule distribution with 0% possibility of error!

  • Special Bonus Settings

    Special Bonus Settings

    You can provide a special bonus for employees who are present for a full month to promote a culture of reliability and dedication within your organization. Exception reward for exceptional commitment!

Avail Monthly Bonus

Easily deposit monthly bonus directly in the employee account from the company's account and ensure a seamless and hassle-free transfer at lightening speed- employee bonus calculation simplified!

Check Bonus Status

Monitor status of bonuses with ease using intuitive platform & stay updated with bonus allocations in real-time. With user-friendly dashboards & detailed reports, track the distribution of bonuses

Multiple month bonus

Save valuable time and effort by automating the process of consistent monthly bonus distribution according to your preferred timeline. Adjust amounts accordingly- Schedule distribution with 0% possibility of error!

Special Bonus Settings

You can provide a special bonus for employees who are present for a full month to promote a culture of reliability and dedication within your organization. Exception reward for exceptional commitment!

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Add a reason for the bonus allocation to ensure transparency.

Here you can easily maintain clear documentation and justify the bonus allocation. The 'Add Reason' feature supports a culture of fairness and clarity, allowing you to track and understand the reasons behind each bonus given, as it can be provided for different reasons.

Outstanding performance

Helps achieve specific targets

Or any other criteria

You are free to decide if the bonus should be taxable or not!

This option allows you to classify statutory bonus eligibility as per all relevant tax regulations effortlessly. You are to Use the statutory bonus calculator to determine the taxable amount accurately. By clearly defining whether a bonus is taxable, you can plan your finances for both company & employees.

Simplify tax filing

Maintain transparency

Avoid potential legal issues

It's your choice to include the bonus in EPF contributions or not!

Ensure full compliance with the EPF rules and regulations. Just so you can maintain accurate records and may provide additional benefits to employees. You just have to select or unselect it at your and your employees' convenience. It simply shows your commitment to their financial well-being.

It encourages employees

Makes a reliable payroll system

And build trust

Include or not the bonus in ESI contributions.

This ensures that all employee earnings, including statutory bonus calculation, are accounted for in the Employees' State Insurance (ESI) scheme. By incorporating bonuses into ESI contributions, you maintain adherence to statutory ESI requirements and provide comprehensive social security coverage for your employees.

Timely employee compensation

Reflects accurate payments

Promotes fairness

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Statutory Bonus Calculator

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Statutory Bonus is extra profit, so calculate & save it!

Statutory Bonus Calculator

Keep Bonus In Check

Effortlessly handle your Statutory Bonus Calculation with Superworks

Transform your bonus distribution with Payroll Experts

Transparent Salary Documentation for Calculation

Choose whether to display the bonus as an 'ADDITIONAL' component in the salary slip.

Transparent Salary Documentation

Simplify Bonus Distribution Process Efficiently

Set a default bonus amount for streamlined calculations & speed up Statutory Bonus Calculation.

Simplify Bonus Distribution Process Efficiently

Set Bonus Range - Customize as Per Policy.

Create a structured & transparent bonus allocation process that motivates employees

Set Bonus Range

Avail Different Types of Bonus.

Implement different bonus types and foster employee satisfaction & retention

Avail Different Types of Bonus
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Maulik Vora CEO of Zluck solutions
Mittul Golakiya CEO of Infyom technologies
Krunal vaghasiya CEO of tatvam cloud solutions
Jatin Lathiya CEO of 16pixel
Ravi Dholakiya - CEO - DecodeUp Pvt Ltd
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Quick, Easy & Clutter-free SUPERWORKS is the best app that we ever used to manage our team, It's very easy to use. The ability to view real-time resources allocation is the most loved feature in my organization.

Maulik Vora

Zluck Solutions CEO
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All in one Communication tool you need. We are not able to think of any other tool once we moved to SUPERWORKS. It made our day to day communications and project management so easy.

Mitul Golakiya

InfyOm Technologies CEO
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I think SUPERWORKS is an exciting platform with a company that has forward-thinking and built around objectives. It is very much a part of their working culture. It has been a great experience using the software developed by them. We have been using it for the last 1.5 year for our project management, and let me tell you, productivity has definitely been on a surge to growth.

Krunal Vaghasiya

Wisernotify CEO
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Increasing productivity and helping us manage employees better. Keeping an eye on what the team works on has never been easier.

Jatin Lathiya

16 Pixel CEO
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The greatest thing about Superworks is that. It is an all-in-one tool for all business process management requirements, including HRMS, PMS, Chat, Recruitment, payroll, and surveys. It is a comprehensive set of tools that assists us in smoothly running all departments and operations of a company. It also comes with excellent client service. The support team is always available to answer any questions and responds quickly.

Ravi Dholakiya

DecodeUp Pvt Ltd CEO
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Our clients who trust Superworks

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Manage EPF, ESI, and PT contributions for bonuses seamlessly!

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FAQs

How bonus is calculated in salary?

In order to calculate the bonus in salary, especially under the statutory bonus rules, you need to go through the guidelines set by the Bonus Act. Superworks [the best payroll software] simplifies this process using its salary bonus calculator.

How to calculate bonus percentage?

Calculating the bonus percentage involves:

Reviewing Profit Allocation: For which you first have to determine the percentage of profits allocated for bonuses as per statutory requirements or company policy.

Using Superworks: With Superworks, you can easily use the statutory bonus calculation to figure out the exact percentage required.

What is the formula to calculate bonus?

The formula to calculate the bonus is:

Bonus = Basic Salary × Bonus Percentage

Superworks [the best payroll software] provides tools like a tax calculator for bonus and a tax calculator with bonus to ensure accurate computations.

What are the rules for bonus?

Statutory Bonus Meaning:
As per the Bonus Act employers just have to pay their employees their statutory bonus. So, let’s go through all those rules and regulations.

Key Rules Include:

  • Eligibility: Employees who earn below a certain salary threshold are eligible.
  • Percentage Range: Here the Bonus Act always makes sure that the bonus percentage should stay in the range of 8.33% to 20% of the salary.
  • Disbursement Period: Bonuses are typically disbursed annually, but there are also some companies that may choose to distribute them quarterly or semi-annually- as per the Bonus Act Calculation.

Superworks ensures compliance with these rules, providing accurate bonus act calculations and using tools like the tax on a bonus calculator and tax with bonus calculator to handle all related tax implications.

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