Dear Sir, I have a firm , with 11 employees.
Total salary distributed for all 11 are 1.25 Lakhs - Right now I am distributing by cash, on withdrawal by bank.
Am ready to, distribute by bank (NEFT or Cheque), but I don't want my accounts staff to know the salary value given to other staff
How do i maintain the secrecy ?
Ajay
From India, Trichy
Total salary distributed for all 11 are 1.25 Lakhs - Right now I am distributing by cash, on withdrawal by bank.
Am ready to, distribute by bank (NEFT or Cheque), but I don't want my accounts staff to know the salary value given to other staff
How do i maintain the secrecy ?
Ajay
From India, Trichy
Hi Ajay,
Salary disbursement through bank is the most secured method and maintain secrecy as well. on the contrary, Disputing cash salary is unsafe and have chances to leak information. In case of bank transfer, you need not to take acknowledgment on salary receivable from employee because you have bank statement as a proof for official records
Secondly, always save computer files with password and avoid printouts of salary sheet.
It will serve your purpose.
Neelima
HR, pune
10Salary disbursement through bank is the most secured method and maintain secrecy as well. on the contrary, Disputing cash salary is unsafe and have chances to leak information. In case of bank transfer, you need not to take acknowledgment on salary receivable from employee because you have bank statement as a proof for official records
Secondly, always save computer files with password and avoid printouts of salary sheet.
It will serve your purpose.
Neelima
HR, pune
Dear Ajay Ji,
I agree and appreciate the methodology mentioned by Ms Neelima Ji but why to have such a fuss over the secrecy if the salary have been fixed rationally and based on the performance and competence of the employees.
Even if the salaries are credited directly into the employees bank accounts, what is the gurantee that the employees will not share the information with each other.
BS Kalsi,
Member Since August, 2011
From India, Mumbai
I agree and appreciate the methodology mentioned by Ms Neelima Ji but why to have such a fuss over the secrecy if the salary have been fixed rationally and based on the performance and competence of the employees.
Even if the salaries are credited directly into the employees bank accounts, what is the gurantee that the employees will not share the information with each other.
BS Kalsi,
Member Since August, 2011
From India, Mumbai
There are various ways in which this can be achieved.
It depends on a number of factors that we are not aware of.
Many banks have a salary transfer mechanism, where they will show only one single entry in the ledger but internal records of the banks have the details of whom it has gone to. you need to ask you bank whether your salary transfer will come as a single entry you want to do or as 11 separate entries with names (which is your main fear at the moment).
If the bank procedure is to list all payment by names, then you can open a second bank account and use that for salary processing, and do not give that statement to your accountant.
A last option is to have one of the payroll processing companies do the payment for you. You will give them a single cheque for the entire salary amount and the details of the payment will not appear in your statement. (but they will take service charge that you will need to negotiate and absorb as a cost)
From India, Mumbai
It depends on a number of factors that we are not aware of.
Many banks have a salary transfer mechanism, where they will show only one single entry in the ledger but internal records of the banks have the details of whom it has gone to. you need to ask you bank whether your salary transfer will come as a single entry you want to do or as 11 separate entries with names (which is your main fear at the moment).
If the bank procedure is to list all payment by names, then you can open a second bank account and use that for salary processing, and do not give that statement to your accountant.
A last option is to have one of the payroll processing companies do the payment for you. You will give them a single cheque for the entire salary amount and the details of the payment will not appear in your statement. (but they will take service charge that you will need to negotiate and absorb as a cost)
From India, Mumbai
Would some one clarify about the ordinance of Dec 29? Salary is compulsory to pay by cheque or BT.
From India, Chandigarh
From India, Chandigarh
No not yet.
The ordinance only allows the government to notify certain area and industry where it would be compulsory
Maharashtra is the only state in which it is compulsory (they passed the rule almost 5 years ago)
However it is expected that the government will soon issue notifications making it compulsory
From India, Mumbai
The ordinance only allows the government to notify certain area and industry where it would be compulsory
Maharashtra is the only state in which it is compulsory (they passed the rule almost 5 years ago)
However it is expected that the government will soon issue notifications making it compulsory
From India, Mumbai
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Salary-Note.doc
SALARY SHEET CALCULATION.xls