Bonus Rates Screen - A summary of the activity

This activity enables you to enter the bonus rates for a specific grade set.  The type of bonus that are given to employees are:

•  Annual Wages Supplement (AWS)

• Hong Paw

• Profit Sharing

§          Fixed Component

§          Flexi Component

To define the bonus rate for a grade set, you are to specify the following details:

• The organization unit for which the rates will be applicable.

• The Payroll Calendar to which the payable process period is mapped.

• The type of the bonus for which the rates are to be specified.

• If bonus type is “Profit Sharing”, you must specify the bonus component as well, otherwise it is not applicable.

• The process period in which the employees must be paid the bonus amount.

• The starting and ending dates of the bonus year for which the specific bonus rates will be applicable.  The bonus year may or may not be a calendar year.  For new and exit employees, the bonus amount will be pro-rated based on the bonus year that you specify.

• The date on or before which the new employees who join the organization will be considered for the bonus payment.

• The basic salary of the employees as on Basic Salary AsOn Date that must be considered for computation of the bonus amount.

• The grade set for which you are specifying the bonus rates.

• The percentage of the base salary for different bonus types.

In addition, you can modify the details that you have already entered.  These bonus rates will be considered and calculated on through payroll, and paid to the employee through salary as a bonus element.

Getting familiar with the pages inside  

6      Hyperlinked topics below

Prerequisites  

Payroll Calendar must be defined

Process Periods must be defined

What you can do in this activity  

Specifying / modifying the bonus rates payable to employees.