Hi,
Mine is a Partnership firm which is less than 2 years old. Total employees working is less than 10 and am recruiting a manager who is costing 10.25 lakhs ctc. How to prepare his salary structure. I have not registered with PF(basic criteria is min 20 employees should be employed and company should be 3 yrs old). Present employees are at junior level drawing salary less than 10000.Please help how to prepare the saalry offer for 10.25 Laksh P.A
Appreciate your help and suggestions.
Regards,
Rajan
From United States, Redwood City
1Mine is a Partnership firm which is less than 2 years old. Total employees working is less than 10 and am recruiting a manager who is costing 10.25 lakhs ctc. How to prepare his salary structure. I have not registered with PF(basic criteria is min 20 employees should be employed and company should be 3 yrs old). Present employees are at junior level drawing salary less than 10000.Please help how to prepare the saalry offer for 10.25 Laksh P.A
Appreciate your help and suggestions.
Regards,
Rajan
From United States, Redwood City
Rajan100: Preparing a CTC structure is simple. A C.A can help or a search on the forums would give you templates as well. Check with the C.A if a registration is necessary and if a P.F Form 11 needs to be filled in.
From India, Mumbai
From India, Mumbai
Dear Rajan,
Your confusion has arisen because it appears that you do not have proper policy on employee remuneration. Secondly, you have mentioned about 10.25 L as CTC. What is the Gross Salary of the employee?
You can fix 40-50% of the gross salary as the basic salary. Other components can be HRA, uniform allowance, washing allowance, education allowance etc.
Keep the salary structure (salary break up) uniform for all the employees. There should not be variation depending on the designation or the length of the service.
Thanks,
Dinesh Divekar
From India, Bangalore
Your confusion has arisen because it appears that you do not have proper policy on employee remuneration. Secondly, you have mentioned about 10.25 L as CTC. What is the Gross Salary of the employee?
You can fix 40-50% of the gross salary as the basic salary. Other components can be HRA, uniform allowance, washing allowance, education allowance etc.
Keep the salary structure (salary break up) uniform for all the employees. There should not be variation depending on the designation or the length of the service.
Thanks,
Dinesh Divekar
From India, Bangalore
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