A bonus is an extra payment given by the employer for specific reasons. Employers add the bonus type and amount as part of the Cost to Company (CTC) calculation.
However, there may be cases where the employer needs to edit the bonus type, amount, or date before paying it out to the employee. Additionally, there may be situations where the bonus needs to be deleted from the employee's CTC. For instance, if an employee is terminated before the completion of their probation period due to poor performance, they may not be eligible for the joining bonus. In such cases, the bonus can be deleted from the Keka portal and excluded from the full and final (FnF) settlement.
You must follow slightly different processes to change details such as the bonus type, and payout date, or revise the bonus amount. First, let's see what bonuses are already assigned to the employee. You can also go directly to the editing bonus details section of this article.
Go to the search bar and search for the employee (1). On the employee, profile go to Finances (2).
Select Pay (3) from the tabs and go to Salary (4).
Here in the Salary Timeline section, you can click on the arrow to expand the section to show the breakup of the various bonuses currently assigned to the employee.
Editing the bonus type and payout date
To edit the bonus type and the payout date, click on the three dots corresponding to the bonus you want to edit and select Edit Bonus from the menu.
In the Edit Bonus screen, you can change details such as the Bonus Type, Payment Status, and Payout Due Date. After you've made the changes needed, click Save to update the details.
Editing the bonus amount
To edit the bonus amount, click on Update from the expanded view of the Salary Revision for the employee.
On the Update Bonus Amount window, you can update the bonus amount.
If you made an error while configuring the bonus and you want to correct the amount, select This is a correction of amount
If the correction is due to a revision in salary or the bonus amount, select This is a revision of amount.
If you are revising the amount, you can also choose to not add this amount to the total salary of the employee and only include the actual amount being paid out to the employee. This is particularly helpful in the case of performance linked bonuses where the actual amount paid out could be less than the total bonus allocated.
Choose the option you want and enter the updated amount along with your note to indicate the reason for the update.
Click Update once you are done.
This will allow you to update the details of the bonus including the bonus amount and the bonus type.
If you have further questions related to updating the bonuses, refer to our help documents or reach out to our team and we would be glad to help you!