Add Bonus Type
Bonus Type
Bonus is defined as a type of compensation an employer gives to an employee that complements their base pay or salary. Example of Bonuses are Incentive Bonus (Retention, Signing, Referral), Performance Bonus and Attendance Bonus.
To add a Bonus Type:
1. From the Top Navigation Bar, click Settings > Company Payroll Settings > Bonus Types.
2. Click Add Bonus Type. 13th Month Pay is already added in the system.
3. Enter the Bonus Type Name.
4. Select Amount Basis (Fixed or Salary Based) and Frequency (One Time or Periodic).
5. Set to Fully Taxable by ticking Yes.
If non-taxable, tick No and specify the maximum amount.
6. Click Add Bonus Type.
If you would like to add more Bonus Types, repeat steps 2 to 5.
7. Click Submit to save the Bonus Types.
Upon clicking Submit, you will see the added Bonus Type appear on the list.
Related Articles
Delete Bonus Type
To delete a Bonus Type: 1. From the Top Navigation Bar, click Settings > Company Payroll Settings > Bonus Types. 2. Tick the checkbox across the Bonus Type you would like to delete. Bonus Types that are currently assigned to employees cannot be ...View and Edit Bonus Type
To view and edit a Bonus Type: 1. From the Top Navigation Bar, click Settings > Company Payroll Settings > Bonus Types. You can view all existing Bonus Types on the Bonus Types List. 2. Click the Edit button across the Bonus Type you would like to ...Add Commission Type
What is a Commission? A Commission is an amount of money given to an employee in exchange of a task completed, usually related to sales. An employee’s commission may be a fixed amount or a percentage of the actual sale. Add Commission Types To add a ...Add Allowance Type
What is an Allowance? An Allowance is an amount given to employees as part of the compensation and benefits package. These are additional benefits companies provide their employees. However, not all employees are given the same set of allowances. The ...Bonus Types, Amount Basis, and Release Frequency
What is a Bonus? Bonus is a form of additional compensation given to employees on top of their basic salary. Bonuses can either be performance, tenure or as mandated by the government. Bonus Types Mandated bonuses are automatically computed by the ...