Hi, I have attached my salary break up, and i would want to know my in hand salary. HR's are reluctant to give me any clear answer.
1) question : Is PF deducted from 4,14,051 (34504 - monthly). Reason for this question is before in my offer letter fix pay has been mentioned with its definition which says: This includes Basic Pay and Choice Pay that consists of other allowances, benefits, perquisites etc. as per the compensation policy of the company.
ii) in retrials 32, 103/- yearly - it says: this includes provident fund and gratuity.
2) question : Choice pay says: Residual Choice pay, is that variable or fixed component?
From India, Thane
11) question : Is PF deducted from 4,14,051 (34504 - monthly). Reason for this question is before in my offer letter fix pay has been mentioned with its definition which says: This includes Basic Pay and Choice Pay that consists of other allowances, benefits, perquisites etc. as per the compensation policy of the company.
ii) in retrials 32, 103/- yearly - it says: this includes provident fund and gratuity.
2) question : Choice pay says: Residual Choice pay, is that variable or fixed component?
From India, Thane
Residual Choice Pay is an umbrella concept summing up all the left over salary components other than the items specified like Basic Pay, Conveyance, Bonus. Incentive, HRA etc. Residual Pay will cover the other allowances which you can structure yourself looking to the tax liability.
It appears the organisation is offering multiple choice of allowances and also at variable rate which you can avail as per your choice.
The employee share of PF would be deducted from your gross earning and the amount shown as Retiral Benefit would get deposited as the employer share. You would not be getting it in hand in monthly salary.
The Residual Choice Pay is at variable pay and once you choose a definite amount or %, it would be fixed for that financial year. For instance you can choose a particular allowance upto 15%, you have fixed it at 10%, it would remain so till the financial year is over.
From India, Mumbai
It appears the organisation is offering multiple choice of allowances and also at variable rate which you can avail as per your choice.
The employee share of PF would be deducted from your gross earning and the amount shown as Retiral Benefit would get deposited as the employer share. You would not be getting it in hand in monthly salary.
The Residual Choice Pay is at variable pay and once you choose a definite amount or %, it would be fixed for that financial year. For instance you can choose a particular allowance upto 15%, you have fixed it at 10%, it would remain so till the financial year is over.
From India, Mumbai
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SALARY SHEET CALCULATION.xls
Salary calculation.doc