Latest Bonus Calculation in Excel

How to calculate bonus? this is general question by every one ether bonus payment team like, HR or payroll & finance or an employee.

Bonus is payment as per The Payment of bonus act 1965.

Every employee those monthly basic +DA is less than or equal to 21000, is eligible for bonus payment. Bonus payment is statutory compliance.

Bonus Payment last date is : 30 November

Maximum bonus : 20%

Minimum Bonus : 8.33%

How to Calculate Bonus:

First Step : minimum wages and 7000 which ever is higher.

Second Step: First Step and monthly Basic salary which is less.

We need to calculate bonus 8.33% OR 20% on Second Step.

Bonus return form : A,B,C,D