Nsuregrowth - Bonus
i. Approval
- 1. Approval Process:
A Sheet containing the Calculation of Bonus prepared by the Accounts Department in the month of September is received by the HR for approval. After the approval is given, Accounts Department releases the payment.
2. Role of HR in Verifying Bonus
Before approving the calculation,the HR ensures that the Employees whose Basic Salary is less than Rs 21,000 is given Bonus as per the Bonus Act i.e. 20%/8.33% of the Basic Salary which is decided by the Management. For employees whose monthly Salary is greater than Rs 21,000 do not fall under the Bonus Act therefore, they are provided with the ex-gratia payment which is equal to the one months Basic Salary
ii Preparation of Payment Sheet
HR also prepares a Bonus Payment Sheet containing the details of employee name, account nos, IFSC Code and the amount of Bonus to be paid. The employees are bifurcated into 2 parts: (i) Payment made through NEFT (ii)Payment made through Axis Bank