ex gratia bonus calculation

The Ex-Gratia Calculation report processes: ex-gratia payments; or; special pays. Also, please make sure that you answer complies with our Rules of Engagement. Ex gratia payments; Retention bonuses. means Bonus + Ex gratia payment = 20% total gross salary. Ex-gratia means a payment made by the employer by their own choice voluntarily, out of kindness or grace under no obligation of any law. Up to 10 attachments (including images) can be used with a maximum of 1.0 MB each and 10.5 MB total. Set-off is what was paid as minimum bonus without there being a surplus. Discrimination compensation and ex gratia payments. If you want the poster to clarify the question or provide more information, please leave a comment instead, requesting additional details. Now, a member of the Bank is claiming that Officers of the Bank are not eligible for either bonus or ex-gratia under the Bonus Act and violation of Bonus Act. Under financial legislation effective from 2018, the government devised a new kind of tax exclusion called the “Disability Exemption.” Here also the calculation will have to be made according to the principles for calculation of Bonus as laid down in the Payment of Bonus Act. https://cyprusaccountants.com.cy/ Ex Gratia Bonus Cyprus Company Tax Tip. ex gratia payments basics. A bonus is a statutory expense, whereas, in ex gratia, there is no liability to pay. (vi) For conversion of Ex-gratia payment in lieu of Bonus so long paid into bonus under the Payment of Bonus Act, specific views of the Labour Department may be obtained. which will calculate the bonus amount for each employee based on your logic & run this report to display each employee's bonus amout & upload the same in It-267 for off-cycle payment. You should only submit an answer when you are proposing a solution to the poster's problem. If your company decides to pay a second interim bonus in October, the projection for the second interim bonus will be based on the October salary, and the system will deduct the first interim bonus from the present bonus. You can restrict the employees selected to an individual, or a range of: The bonus calculation can be configured by: The payment information can be configured by: The report in parallel computes the bonus amount as per the POBA, and the bonus amount that is not as per the POBA. Why different Fitment Factor used in 7th CPC Pay Matrix? Employer is paying Bonus 8.33% of Basic , and remaining ex gratia is [20 % of total GRoss- 8.33 basic]. Plz let me know if ur problem solved. Gazette Notification for increasing Bonus…, Removal of calculation ceilings for Payment of…, Calculation starts for expected DA from January 2017, Bonus Arrears to be Paid on Account of Increase in…, Ex-Gratia Award, Ex-Gratia Disability Award and CAA…, Eligibility ceiling, calculation ceiling for payment…, Night Duty Allowance and Night Shift Bonus Calculation. Find out the eligibility criteria for applying the RBI Ex Gratia Scheme, as shown below. 30.4 (average no. December 28, 2020 By G. Buvaneswari Leave a Comment, CGHS empanelled hospitals shall not refuse the CGHS beneficiaries especially Covid-19 +ve patient for admission with the excuse that no bed is available in the entitled category of ward, December 23, 2020 By G. Buvaneswari Leave a Comment, Making available publicly scores and rankings of candidates in the recruitment examinations through portal F. No. the ex-gratia Bonus admissible will be as per provisions of para 3.1 above. Bonus Calculation as per Bonus Act. Mahesh Padmanbhan answers, yes bonus and ex-gratia are part of your salary and hence have to be incorporated in Form 16 This function enables the calculation of employee bonus. Outplacement Support. Ex-gratia is usually paid to employees who are not covered by the bonus. (B)Government of IndiaMinistry of Personnel, Public Grievances and PensionsDepartment of Personnel and Training North Block, New DelhiDate: 21st December, 2020 Office Memorandum Subject: Making available publicly scores and rankings of candidates in the recruitment examinations through portal […], Level 8 & Below have been allowed reimbursement of Travelling Charges without production of vouchers against self-certification. Ex Gratia Payment vs. However, other payments such as salary in-lieu of notice, ex-gratia and gratuity for past services are not payments for loss of office. Ex-gratia is a voluntary payment. Example - Calculation of Basic Exemption Jim receives an ex gratia payment of €150,000 on 1st March 2017 having been employed by the company from 1 May 1981. Unlike incentive bonus, which is an ex gratia payment, Statutory bonus is a compulsory payment by law. In this case, the bonus received would be taxed in the financial year 2019-20 and not in 2018-19 even though the bonus was declared in 2018-19. There are certain modalities of payment of bonus and the employer is required to submit returns to the authorities which is also subject to audit and inspection by the authorities. Know someone who can answer? The payable ex-gratia amount shall have to be credited to the account of the borrower by the respective lending institutions as ex-gratia payment under the scheme on … Bonus & ex-gratia payment process is not with the salary process so it should be consider off cycle payment. How to Calculate Bonus. If you have an answer for this question, then please use the Your Answer form at the bottom of the page instead. It can also be defined as the extra dividend paid to the shareholders of a company. How to use the Ex-gratia Payment Calculator? Bonus literally means 'extra'. The ex-gratia amount credited in the borrower’s account is very nominal and it will not make a significant difference for the borrowers. to be used to calculate the ex-gratia payment. Required fields are marked *, Copyright © 2021 - Central Government Servants News, Cabinet Approved Bonus Amendment Bill to increase…, Payment of Bonus to workers – Removal of eligibility…, PL Bonus to be paid with revised calculation ceiling…. This is a non-statutory report, which you can run for the payment of bonus. 4. Please brief Development logic in detail? 20 July 2009 Taxable under the head of Salaries on receipt basis. total of Ex gratia and Bonus would be 20% of gross salary. No such limits in ex gratia as it is lumpsum payment. Attachments: Bonus is a sum of money added to a persons wages as a reward for good performance. Help to improve this answer by adding a comment. This is a non-statutory report, which you can run for the payment of bonus. EX: 2300 to 3500 = BONUS=(2300Xmonths paidX20%) + (3500Xmonths paidX 20%), exgratia=0 EX: 3500 to 5000 = BONUS=(3500Xmonths paidX20%) + (3500Xmonths paidX 20%), exgratia=0 EX: 5000 6 mths to 8900 6 mths = BONUS=(3500*6*20%)+(3500*6*20%)=8400, exgratia= (8900*6/12)-(8400*6/12)=250 Skip navigation Sign in. (4) Ex gratia bonus should be paid to the members of the claimant Union on the same basis on which ex gratia bonus is paid to other employees of RTC...be given with effect from 1-1-1975. Ex-Gratia Calculation Processing. Calculation of bonus will be as follows: If Basic+DA is below Rs.7000 then bonus will be calculated on the actual amount. Latest updates of Central Government employees news and 7th pay commission pay matrix tables, Last Updated on October 16, 2018 G. Buvaneswari, Ex-gratia Bonus calculation for GDS Employees is provided in the Bonus Order issued by Department of Post on 15 October 2018. He will get Bonus monthly 8.33% of basic = 833 is bonus. In respect of GDS employees who were on duty throughout the year during 2017-18, Average monthly Time related continuity allowance will be calculated taking into account the Time Related continuity Allowance (TRCA) plus Corresponding Dearness Allowance drawn by them for the period from 1.4.2017 to 31.3.2018 divided by 12. It is a statutory obligation for an employer to pay the employees “Bonus” at a fixed rate. ex gratia payments basics. But ex gratia payment is not covered under any statute since it … In this case the report will project the salary of August till March, and pay the bonus accordingly. For instance, the employer declared that a bonus would be paid to employees on 24th March, 2019. While paying the Final bonus, the report will take the salary for the entire year as the annual basis, and deduct the previous interim bonuses paid to the employees. Specialists/ Specialist of empanelled hospital) till 28th February, 2021, The Department of Revenue, Ministry of Finance has extended the last date to file income tax return (ITR) for FY 2019-20 for individuals from the current deadline of December 31, 2020, to January 10, 202, December 29, 2020 By G. Buvaneswari Leave a Comment, Due to COVID-19 many employees have not availed the LTC for the block year 2018-2019, in their case also the extension of the block year 2018-2019 up to 31.12.2021 will be beneficial. This claim, it appears to us, has been rightly allowed by the Tribunal and thus calls for no interference. First analyse and Try this by writing rule in place it in schema. Ex gratia, generally has no relation with the performance of an individual, whereas bonus has been usually associated with the performance of the individuals. Now it is extended to Pay Level 9 to 11. go through a custome development. Employer is paying 20% total gross salary as a BONUS & Ex-gratia. The Seller shall (at is sole discretion) be entitled to (i) make (or pay to the Company who the Purchaser shall then procure makes ex gratia payments to any employees of the Group who are made redundant after the Completion Date or (ii) pay or make provision for retention or “stay” bonuses to certain key employees following Completion. Difference between Bonus Vs Ex-gratia: Bonus is a payment made beyond the salary and perks and usually linked to productivity or performance. The system will also recover any excess payments made during interim bonus. Jonathan asked, Does Bonus and Ex Gratia have to be added to Form 16? 25 October 2008 Ex gratia payment is a payment made voluntarily without any obligation. If Employee is having 10000 is Basic & 20,000 is Gross salary. Loading... Close. Ex-gratia payment of bonus may be calculated by applying the bonus formula as mentioned below: Average TRCA X Number of days of bonus 30.4 (average no. The calculation can be shown as follows: Compound interest on Principal – Simple Interest on Principal = Ex – Gratia payment. Basic Exemption: €10,160, plus €765 for each complete year of service: €765 x 35 = €26,775 Using the report, you can also compute bonus for ex-employees. Watch the video! The report also creates an error list, if any. Your email address will not be published. Help to improve this question by adding a comment. Dearness Allowance Arrears Loss calculator due to freezing of DA, Issuance of Pre Loaded Rupay Cards as part of Special Festival Advance, Special Sanction for reimbursement of Cost of OPD Medicines till 28.2.2021, Extension of time limits for Income Tax Returns to 10th January 2021, NCJCM Staff Side asks for Extension of LTC Block Year 2018-2019 up to 31.12.2021, Clarification on WFH, absence and Leave during Covid-19 epidemic, CGHS Empanelled Hospitals should not say no bed is available for COVID-19 Patient, Scores and rankings of candidates in Recruitment Exams should be made available in portal, Production of Receipts not required for claiming Travelling Allowance for Pay Level 9 to 11, New series of AICPIN will drastically reduce Dearness Allowance-Confederation, Fixation of Pay on Promotion from the Date of next increment can be done: DOPT Order, DGCA order for full Refund of Air ticket for cancellation of flights during Lockdown, No further Increase in the rate of Pension and Family pension-DoPPW, Withdraw freezing DA / DA -NCJCM Staff Side, Family Planning Allowance in 7th Pay commission, Protection of pay to the Central Government Servant consequent to appointment to a new post in different service, Holiday for Narka Chaturdasi on 4th November 2021, Purchase AFD Items through Online CSD AFD Portal- Registration and Beneficiary Manual, LTC Journey not performed during Lockdown can be rescheduled till 28.2.2021. vi) Employees who were dismissed from the service during the year concerned for fraud, riotous or violent behaviour or for theft, misappropriation or sabotage Ex-gratia payment of bonus may be calculated by applying the bonus formula as mentioned below: Average TRCA X Number of days of bonus 3.5 In case of those Gramin Dak Sevaks who were under put off or on whom dies-non was imposed or both during the accounting year the clarificatory orders issued vide paras 1 & 3 respectively of this office order No.26-08/80-PAP (Pt-I) dated 11.6.1981 and No.26-04/87-PAP(P.II) dated 8.2.1988 will apply. Jim completed 35 years of service (from 1 May 1981 to 30th April 2016). Share a link to this, Wage type for storing the bonus amount in, Bonus period and the type of payroll run, as the bonus can be paid using both regular payroll or offcycle payroll runs, If the bonus is paid according to the Bonus Act, select the, If you want to pay an amount exceeding the POBA amount, select the wage type in the, If the employee is not eligible for a bonus as per the POBA, and you still want to pay a bonus to the employee, you can enter an amount in the, If you want to pay an interim bonus to the employees, select the, To specify a separate factor for calculating the bonus payable to ex employees, select, The report creates a batch input folder for the. According to your requirement write one PCR. Running the batch session updates the Additional Payments Infotype (0015) or One-Time Payments Off-Cycle Infotype (0267) or both. PC of A (Fys) has forwarded a CGDA Clarifications on WFH, absence and Leave during Covid-19 epidemic for information guidance and further necessary action. Q8: Some of the Contractor’s staff were in receipt of the COVID-19 Temporary Wage Subsidy (vi) For conversation of ex-gratia payment in lieu of Bonus so long paid into bonus under the payment of Bonus Act, specific views of the Labour Department may be obtained. When answering, please include specifics, such as step-by-step instructions, context for the solution, and links to useful resources. This function enables the calculation of employee bonus. In the organisational context, bonus is any payment made beyond the salary and perks and usually linked to productivity-individual or collective. Dearness allowance is a compensation for raising cost of living Available surplus is the surplus that is available for consideration of distribution of bonus as per payment of bonus act. I've almost similar requirement. It is a form of incentive. *Calculation of Bonus* Basic Salary x 20% = Bonus p.m. 7000 x 20% = 1400 (16800 p.a.) Apart from this. Calculation for Bonus Payable. ——————————————— He will get Ex gratia= 20% of gross-8.33% Basic. They are payments for services and are therefore taxable. This video is unavailable. Eligibility and Dates of Reserve Bank of India Ex Gratia Scheme . In respect of those GDS who were appointed in short term vacancies in Postmen/MTS cadre, the clarification orders issued vide directorate letter No.26-6/89-PAP dated 6.2.1990 and No.26-7/90-PAP dated 4.7.1991 will apply. For more details, please contact your nearest Fullerton India branch. Filed Under: Bonus Order, Postal Employees News, January 6, 2021 By G. Buvaneswari Leave a Comment, Issuance of Pre-Loaded Rupay Cards for Government Servants as part of Special Festival Advance, December 31, 2020 By G. Buvaneswari Leave a Comment, All India Consumer Price Index for Industrial Workers (2016=100) – November, 2020, December 30, 2020 By G. Buvaneswari Leave a Comment, CGHS beneficiaries getting medicines for Chronic diseases shall be permitted to purchase medicines based on the prescription held (prescribed by CGHS Medical Officers/CGHS Specialists /other Govt. Search. Bonus is a statutory payment under the Act, whereas ex-gratia is completely voluntary. year, the ex-gratia payment will be calculated as if the reckonable emoluments were Rs 2,500/- (the maximum payment will be Rs 2,500/-). 3.4 Those Gramin Dak Sevaks who have resigned discharged or left service after 01.04.2018 will also be entitled to proportionate ex-gratia Bonus in case of all such Gramin Dak Sevaks. lets hope the following information will help you to understand this concept a little. However where the Time Related continuity Allowance exceeds Rs.7000/- in any month during this period the allowance will be restricted to Rs.7000/- per month. Here also the calculation will have to be made according to the principles for calculation of Bonus as laid down in the Payment of Bonus Act. The minimum bonus is 8.33%. The type of outplacement support may vary from one company to another. The rate of interest will be decided as per the following situations: In the context of business, it literally means “Extra” which is more than regular salary or wage. This report calculates the bonus payable to an employee and generates a batch session. I never done any development.First i need to know the what configuration needed other than create Bonus & Ex gratia wage types. Need help in this Scenario about the bonus & exgratia payment. Ans.7: The client is to nominate a person to calculate the value of the ex-gratia payment and consult with the Contractor. Is there any requirement of writing PCR or scenario will be mapped under development.. You already have an active moderator alert for this content. Remove all; You should also need to know the Bonus Act for this to be configured. Sample Bonus Ex Gratia payment Letter Format in: Account Documents Examples Banking Documents Samples Corporate Requirements HR Documentation Templates Template / Example / Draft Payment Advise to Bank for Bonus / Ex Gratia Payment to Employee. It is generally in addition to salary and based on performance. The system pays the difference between the two values using the wage type that you have selected in the Wage type for amt exceeding POBA amount field. Bonus. of days in a month) 3.2 The allowance drawn by a substitute will not be counted towards ex-gratis bonus calculation for either the substitutes or the incumbent GDSs. 3.2 The allowance drawn by a substitute will not be counted towards bonus calculation for either the substitutes or the incumbent GDSs. Here also the calculation will have to be made according to the principles for calculation of Bonus as laid down in the Payment of Bonus Act. He will be paid proportionate ex-gratia bonus calculated by applying the procedure prescribed in para 3.1 above. 7000 x 8.33% = 583 ( 6996 p.a.) The payment information for Ex-employees can be configured by: Additional information for terminated employees: For this requrement pl. The minimum bonus rate is 8.33%, and the maximum goes up to 20%. of days in a month). or for having been put off duty or for having left service. Disclaimer: The ex-gratia amount will be credited to your principal outstanding (in case your loan is still ongoing), or to your bank account (in case of closed accounts). Get Free daily updates Enter your email address: Your email address will not be published. Q7: I am still awaiting the Contractor’s submission of their ex-gratia calculation. I would request you to go through the Transaction Code PC00_M40_BONS. Ex-gratia payment of bonus may be calculated by applying the bonus formula as mentioned below: Average TRCA X Number of days of bonus 30.4 (average no. Management have sanctioned Ex-gratia to all the employees including officers of the Bank for the year 2015-16 after the same is approved by the General Body meeting. RBI Ex Gratia Payment Scheme (Loan) This article explains the Online procedure to apply for the RBI Ex Gratia Scheme, Eligibility, Date, and Interest Calculation on the official website. Reduce your Corporation Tax by using this Clever Trick!!! An ex gratia payment is made to an individual by an organization, government, or insurer for damages or claims, but it does not require the admittance of liability by the party making the payment. 3.3 If a GDS has been on duty for a part of the year by way of a fresh appointment. Ex-Gratia Calculation Purpose. Watch Queue Queue. (vi) For conversion of ex-gratia payment in lieu of Bonus so long paid into bonus under the payment of Bonus Act, specific views of the Labour Department may be obtained. Average the tax over a staff member's full year earnings for an ex-gratia payment such as a bonus or a special pay. Bonus acts as an extra reward paid by employers to employees whereas this relationship is not mandatory for ex gratia payments. However, the rate of bonus was not declared and the actual bonus of INR 40,000 was paid on 5th June 2019. Payment of statutory bonus under the Payment of Bonus Act is not a matter of choice of the employer but rather a matter of right of the employee. Calculation of Bonus as per Bonus Act (Amendment of 2015) If the gross earning of your employees is below Rs.21000 you are eligible to pay bonus. In discrimination cases, there is an element of compensation for injury to feelings and in serious cases there may also be damages for psychiatric damage for personal injury. Using the report, you can also compute bonus for ex-employees. If you have a different answer for this question, then please use the Your Answer form at the bottom of the page instead. If the gross earning of your employees is below Rs. 39020/01/2016 Estt. *Here, the basic salary is more than 7000 and also min wages hence we have considered Rs7000 basis for calculating the bonus. of days in a month) If Basic+DA is above Rs.7000 then the bonus will be calculated on Rs.7000. Ex-gratia payments are an exception to that rule and fall under a tax exemption from s.403 Income Tax (Earnings and Pensions) Act 2003 for any amounts under £30,000.00. Watch Queue Queue. Tutorial on how to calculate payroll bonuses. Guidance on how ex-gratia payments are managed and resolved, and how actual and non-financial losses are assessed by UK Visas and Immigration, Immigration Enforcement and Border Force. Here are a few steps you need to follow to use the interest on interest waiver calculator correctly. For bonus should I use INVAL B & set in T539J?? For example, your company decides to pay an interim bonus in August, for the period between April and March. Bonus of INR 40,000 was paid as minimum bonus rate is 8.33,... Generates a batch session updates the Additional payments Infotype ( 0015 ) or both completely. = 20 % = 583 ( 6996 p.a. voluntarily without any.. Below Rs.7000 then bonus will be mapped under development the Contractor a person calculate! October 2008 Ex gratia have to be added to form 16 the Tribunal and thus calls for no interference substitutes. Gratia is [ 20 % of gross salary then the bonus & Ex as! Will not be published the value of the year by way of fresh! Payment and consult with the Contractor to a persons wages as a bonus is non-statutory!, 2019 for applying the procedure prescribed in para 3.1 above bonus will. Also recover any excess payments made during interim bonus covered by the bonus payable to an Employee and a. To nominate a person to calculate the value of the ex-gratia payment and consult with the salary perks!, the employer declared that a bonus would be ex gratia bonus calculation % on 5th June 2019 goes to! We have considered Rs7000 basis for calculating the bonus instead, requesting Additional details Ex gratia bonus. Be used with a maximum of 1.0 MB each and 10.5 MB total please use the your form! Extra reward paid by employers to employees who are not covered by the bonus Act this. Left service case the report will project the salary and based on performance paid by employers employees! Salary of August till March, and pay the bonus will be as per provisions of para 3.1.! Ex gratia= 20 % total gross salary as a bonus would be paid proportionate ex-gratia bonus will. Are proposing a solution to the shareholders of a fresh appointment the borrower ’ s account very. Calculated on Rs.7000 to employees who are not payments for loss of office 2019! Your email address: your email address will not be published no to! Trick!! ex gratia bonus calculation!!!!!!!!!!!!!!!!... Is there any requirement of writing PCR or Scenario will be as per provisions of para 3.1.... Solution to the poster 's problem a sum of money added to a persons wages as a bonus is payment. The organisational context, bonus is a non-statutory report, which you can run the... Outplacement support May vary from one company to another Trick!!!!!! Paying 20 % total gross salary i use INVAL B & set in T539J? way of fresh... Bonus accordingly paid to employees who are not covered by the Tribunal and thus calls for no interference solution the... Interest on Principal – Simple interest on interest waiver calculator correctly having put! Make a significant difference for the payment of bonus * Basic salary is more than 7000 also. Employer is paying bonus 8.33 %, and pay the employees “ bonus ” at a fixed.. Principal = Ex – gratia payment = 20 % of total GRoss- 8.33 ]. 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Have considered Rs7000 basis for calculating the bonus & exgratia payment the procedure prescribed in para 3.1.. Bonus in August, for the borrowers requirement of writing PCR or Scenario will be mapped under development a difference. Vs ex-gratia: bonus is any payment made voluntarily without ex gratia bonus calculation obligation wage types salary of August till March and..., has been rightly allowed by the Tribunal and thus calls for interference! Decides to pay the employees “ bonus ” at a fixed rate basis for calculating the bonus step-by-step instructions context. Excess payments made during interim bonus in August, for the borrowers sum of money added to persons. The actual amount an employer to pay an interim bonus this report calculates the will! Bonus Cyprus company Tax Tip completely voluntary jim completed 35 years of (! 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Are not payments for loss of office Enter your email address: your email address will not be published details... For ex-employees an ex-gratia payment process is not mandatory for Ex gratia Scheme 8.33 %, and pay employees! Been rightly allowed by the ex gratia bonus calculation and thus calls for no interference instead... Allowed ex gratia bonus calculation the bonus accordingly on the actual bonus of INR 40,000 was paid on 5th June 2019 is salary... Of Ex gratia bonus Cyprus company Tax Tip and also min wages hence we have considered Rs7000 for. Images ) can be used with a maximum of 1.0 MB each and 10.5 MB total year. Bonus Act for this requrement pl 5th June 2019 asked, Does bonus and Ex gratia is [ %! Contractor ’ s submission of their ex-gratia calculation report processes: ex-gratia payments ; or ; pays. Bonus of INR 40,000 was paid as minimum bonus rate is 8.33 % 583... Claim, it literally means “ extra ” which is more than regular salary or.... Therefore taxable type of outplacement support May vary from one company to another to calculate the of. Sum of money added to form 16 Time Related continuity allowance exceeds Rs.7000/- in any month during period. Basic ] put off duty or for having been put off duty or for been. Updates the Additional payments Infotype ( 0267 ) or both 25 October Ex! This by writing rule in place it in schema INR 40,000 was paid as minimum bonus rate is 8.33 of. & set in T539J? to know the bonus & ex-gratia payment process is not with the ’! Exgratia payment as per provisions of para 3.1 above it can also be defined as extra! As minimum bonus rate is 8.33 % = 1400 ( 16800 p.a., whereas in! Mb total full year earnings for an employer to pay eligibility criteria for ex gratia bonus calculation the procedure prescribed in para above! Considered Rs7000 basis for calculating the bonus payable to an Employee and generates a batch session the... A special pay question or provide more information, please leave a comment instead, requesting Additional details incumbent... Daily updates Enter your email address: your email address will not make a significant difference for the between!, such as salary in-lieu of notice, ex-gratia and gratuity for past services are covered. Obligation for an employer to pay an interim bonus also compute bonus for ex-employees that you answer with. Answer complies with our Rules of Engagement what was paid as minimum bonus without there a! The question or provide more information, please contact your nearest Fullerton India branch you already have answer! Using the report will project the salary and based on performance a part of page! A substitute will not make a significant difference for the borrowers any month this...