Hi All,
I am working with a Parma company. They are not having any standardized salary break up system. But now I am facing the problem when new joinees (Sr. Level persons) asking for the salary break up.
Can anyone tell me how to standardize this? What are the basic components of salary and in which manner this could be done so that company and employees get satisfied?
Thanks in advance and wishing to get help from seniors...
Regards
Ruchika Sharma
From India, Delhi
I am working with a Parma company. They are not having any standardized salary break up system. But now I am facing the problem when new joinees (Sr. Level persons) asking for the salary break up.
Can anyone tell me how to standardize this? What are the basic components of salary and in which manner this could be done so that company and employees get satisfied?
Thanks in advance and wishing to get help from seniors...
Regards
Ruchika Sharma
From India, Delhi
For eg CTC- 480000 lap, which is 40000/mnth
[Components of salary
1) Basic is calculated as btw 30% to 60% as per company or designation in which standard is 35% to 40% of CTC
2) HRA is calculated on basic salary as per rural-20% of basic, Non metro-30%-40% of basic and metro- 50% of basic.
3) MA- lumpsum
4) TA - lumpsum
5) SA - Adjustable amount.(Gross salary-(basic+HRA+MA+TA)
Gross salary- CTC-(PF of employer/ and annual benefit like LTA, MEDICLAIM, etc)
Now break-up per month which is for 40000
From India, Delhi
5[Components of salary
1) Basic is calculated as btw 30% to 60% as per company or designation in which standard is 35% to 40% of CTC
2) HRA is calculated on basic salary as per rural-20% of basic, Non metro-30%-40% of basic and metro- 50% of basic.
3) MA- lumpsum
4) TA - lumpsum
5) SA - Adjustable amount.(Gross salary-(basic+HRA+MA+TA)
Gross salary- CTC-(PF of employer/ and annual benefit like LTA, MEDICLAIM, etc)
Now break-up per month which is for 40000
From India, Delhi
Hi Ruchuika, Can i have your senior levels salary perk details so that will send you one excel format?
From India, Hyderabad
From India, Hyderabad
The Madras High Court in the case of Reynolds Pens India Pvt Ltd and other petitioners (‘Petitioners’) vs Regional Provident Fund Commissioner (‘RPFC’) has held that certain allowances such as Conveyance, Educational Allowances, Food concession, Medical, Special Holidays, Night Shift Incentive, City Compensatory Allowances etc. should be treated as part of Basic wages under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (‘EPF Act’). what bearing this has on 'wages"as per gratuity act as many employers give basic plus other allownaces as remuneration to employees
From India, Chennai
From India, Chennai
Hello,
I would like a query, can the basic calculated change in every year???
suppose the basic given in one year is say 1.5L and in the next year can it be reduced to 90 in the next fiscal year??? and balance be put in as "Other allowances"?
I work for a NGO. and just trying to understand the structure that can be formulated.
From India, Mumbai
I would like a query, can the basic calculated change in every year???
suppose the basic given in one year is say 1.5L and in the next year can it be reduced to 90 in the next fiscal year??? and balance be put in as "Other allowances"?
I work for a NGO. and just trying to understand the structure that can be formulated.
From India, Mumbai
Find answers from people who have previously dealt with business and work issues similar to yours - Please Register and Log In to CiteHR and post your query.
Salary Breakup alongwith TDS working and Computation A.Y. 13-14.xls