Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
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of <h1>Employee bonus calculations: carrying forward surplus as 'set on' and deficits as 'set off' for up to four years</h1> Where, in an accounting year, the allocable surplus exceeds the maximum bonus payable under section 26, the excess (subject to a cap of 20% of the total salary or wages of employees for that year) must be carried forward as 'set on' for utilisation in paying bonus in succeeding accounting years, up to and including the fourth subsequent accounting year, in the manner prescribed. Where, in an accounting year, there is no available surplus or the allocable surplus is insufficient to meet the minimum bonus payable under section 26 and there is no or insufficient 'set on' available, the minimum amount or deficiency must be carried forward as 'set off' to succeeding accounting years up to and including the fourth. Carried-forward amounts are applied on a first-in-first-out basis, taking the earliest year first, and prescribed set on/set off principles apply to other bonus cases.
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