Dear Team,
Can any one help to understand how to create a salary structure manually.
How many is the basic%, HRA%, Conveyance Allowance %, Leave Travel Allowance%, Medical Reimbursement%, Special Allowance% and also variable
pay %.
From India, Bhubaneswar
Can any one help to understand how to create a salary structure manually.
How many is the basic%, HRA%, Conveyance Allowance %, Leave Travel Allowance%, Medical Reimbursement%, Special Allowance% and also variable
pay %.
From India, Bhubaneswar
Dear Sainath,
Diff Cos. have a different components, but what needs to be taken into consideration is the tax exemptions available under Indian tax Laws.
A sample structure could have Basic amount as around 40% of the total CTC.
HRA in metro cities as 50% of Basic, and 40% in other cities.
Conveyance as 1600 p.m, Meal coupon 1250 p.m., Compensatory Allowance as 15% of basic, Special or Personal Allowance as an adjustment figure.
All the above constitute your Monthly Gross. Besides these there can be Medical Reimbursement per annum of one month Basic salary, (against production of Medical Bills) and can be paid quarterly, Leave Travel Allowance per annum equivalent to one month Basic salary, . In addition to these, Company's PF contribution of 12 % of Basic+ DA ( if applicable) , Company's ESI contribution of 4.75% of Monthly Gross, Statutory Bonus of 8.33% of Monthly Gross - Conveyance-HRA) for monthly salaries upto Rs.21000, and Exgratia component above Rs.21000 monthly gross, Gratuity of 4.81% of basic salary. Besided this you can have a fixed amount of Performance based Variable amount.
Hope this helps. Regards
From India, Mumbai
18Diff Cos. have a different components, but what needs to be taken into consideration is the tax exemptions available under Indian tax Laws.
A sample structure could have Basic amount as around 40% of the total CTC.
HRA in metro cities as 50% of Basic, and 40% in other cities.
Conveyance as 1600 p.m, Meal coupon 1250 p.m., Compensatory Allowance as 15% of basic, Special or Personal Allowance as an adjustment figure.
All the above constitute your Monthly Gross. Besides these there can be Medical Reimbursement per annum of one month Basic salary, (against production of Medical Bills) and can be paid quarterly, Leave Travel Allowance per annum equivalent to one month Basic salary, . In addition to these, Company's PF contribution of 12 % of Basic+ DA ( if applicable) , Company's ESI contribution of 4.75% of Monthly Gross, Statutory Bonus of 8.33% of Monthly Gross - Conveyance-HRA) for monthly salaries upto Rs.21000, and Exgratia component above Rs.21000 monthly gross, Gratuity of 4.81% of basic salary. Besided this you can have a fixed amount of Performance based Variable amount.
Hope this helps. Regards
From India, Mumbai
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Salary-Note.doc
SALARY SHEET CALCULATION.xls