Bonus is usually paid to employees yearly or half-yearly. AttendHRM makes it extremely easy to calculate Bonus for all your employees in a few clicks. This help document describes how you can calculate bonus for your employees.
My company pays out Bonus at the end of the year for all employees. Bonus is calculated as 8.33% of Basic Pay earned during the year. Now, let me show you how easy it is to calculate Bonus for all employees.
Step 1: Define the Bonus and specify the period and formula for calculations
Step 2: Add employees to Bonus
Add employees eligible to the Bonus and as the employees are added AttendHRM will calculate their bonus.
Step 3: Recalculate
If you want to change the Bonus Formula or the period, recalculate the Bonus after the change.
Step 4: Lock Bonus
When you are done with the calculations, Lock the Bonus in order to prevent accidental changes in the future.
Step 5: Review Bonus Reports
The Bonus module makes it easy to calculate bonus for all your employees in one shot. You can calculate multiple Bonuses monthly, quarterly, yearly or for any period you choose.
Frequently Asked Questions
How to calculate Quarterly Bonus?
You can calculate bonus for any period. It could be quarterly, half-yearly, yearly or any duration as per your requirement.
How to calculate Bonus from Salary?
Just specify the start/end dates of the Bonus period, and the software will automatically pick Salary for the specified period from multiple payslips.
How to define Bonus calculation formulae?
The software allows you to create Bonus Calculation Formulae with all the salary heads in the employee’s salary structure. The formulae editor lists all the possible components in the salary system for you to create formulae.
Can I calculate Bonus for different groups of employees for different periods?
When you create a bonus, you can specify the bonus period and also pick employees. So, you can create multiple Bonuses, and specify duration and employee list as per your requirement.
Do you have an yearly bonus calculator which picks salary data for the whole year?
Yes, you can create a Bonus for a period of one year and specify a formulae which calculates the Bonus to be paid. The software automatically picks payslips from the whole year for each employee to calculate the bonus to be paid.
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