Bonus & Incentives

1) Bonus Calculation
Create a Bonus Policy Process:
Go to: Settings-->Payroll --> Bonus Configuration
Entry Process:

Here you can see all the filter options available for Bonus configuration. You can configure bonus policy according to your desired rule. You can configure bonus according to joining date; set their percentage, minimum bonus value etc.

Example:
If you have festival bonus rule, the conditions set for an employee is that he or she needs to have a minimum service duration of 1 year to avail full bonus which is 100% of Basic. If service duration is less than 1 year, then he or she  will get 50% of basic.

To do this, you need to go to bonus add page. Now enter bonus name as “Festival Bonus”. Department, Designation, Employment type gender will remain empty as it doesn’t have any impact. Now select basic from ‘Calculation on’.  Set value of 100% & enter the number of service duration between them. For this you need to enter from 12 months to 1000 months.

For employee whose service year is less than one is required to enter from 1 months to 10-12 months.
In this way you can manage various bonuses & apply rule.

2) How to Process Bonus Payment
Process:
Go to: Payment-->Bonus Payment
Entry Process:
First you need to go "Bonus payment" for process bonus. Now select date from which you want to calculate service range. Next, select the Bonus Policy & click next. According to bonus policy, employee will be shown. Now you need to select all employee process to next. Total eligible employee list with bonus amount will appear. Select the entire employee process to next option. A payment voucher will be created. Finally you need to approve this payment to complete this process.

Step – 2: Select Employees applicable for bonus

Step – 3 approve or Reject the "Pending" bonus transaction