Dear all.
I have want to know
1. when creating a salary breakup.........wat is the percentage allocated to Basic....HRA.......conveyance.......Medical....... . according to the statutory Laws.
2.If any employee have Own house and he is paying the Loan for it......will he be provided with HRA and whether this will effect his Salary breakup.....
Waiting for ur replay....
From India, Hyderabad
1I have want to know
1. when creating a salary breakup.........wat is the percentage allocated to Basic....HRA.......conveyance.......Medical....... . according to the statutory Laws.
2.If any employee have Own house and he is paying the Loan for it......will he be provided with HRA and whether this will effect his Salary breakup.....
Waiting for ur replay....
From India, Hyderabad
Dear Sri,
Coming to the Minimum wages act it contains three slabs where the employees are divided into:
1) Skilled
2) Semi-Skilled
3) Un-Skilled
Even the Minimum wages act veries from state to state & also type of the industry/company that are registered under Shops & establishments. u can directly get those details from net.
While discussing about the Basic pay, the ultimate desicion is taken by the Company with out crossing the minimum wages act.
The structure of the salary can be like this (example)
Basic salary : Rs X/- (kindly consider ever Rs X/- as basic salary)
HRA : Rs X/- * 40% (based upon the company discretion)
Proffesion development allowance : Rs X/- * 20%
Local Conveyance allowance : Rs X/- * 10%
Medical allowance : Rs X/- * 10%
Leave travel allowance : Rs. X/- * 10%
Employee PF Contribution : Rs X/- * 12%
Company CTC : Rs X/- * 202% { Performance pay or bonus or variable pay : Rs X/- 100% (this is optional based upon the industry) }
Deductions:
Employee PF Contribution : Rs X/- * 12%
Employer PF Contribution : Rs X/- * 12%
ESI (optional based on manpower or availability of ESI dispensary) : Rs X/- *4.75%
Gratuity (optional) : Rs. X/- * 5%
From India, Hyderabad
Coming to the Minimum wages act it contains three slabs where the employees are divided into:
1) Skilled
2) Semi-Skilled
3) Un-Skilled
Even the Minimum wages act veries from state to state & also type of the industry/company that are registered under Shops & establishments. u can directly get those details from net.
While discussing about the Basic pay, the ultimate desicion is taken by the Company with out crossing the minimum wages act.
The structure of the salary can be like this (example)
Basic salary : Rs X/- (kindly consider ever Rs X/- as basic salary)
HRA : Rs X/- * 40% (based upon the company discretion)
Proffesion development allowance : Rs X/- * 20%
Local Conveyance allowance : Rs X/- * 10%
Medical allowance : Rs X/- * 10%
Leave travel allowance : Rs. X/- * 10%
Employee PF Contribution : Rs X/- * 12%
Company CTC : Rs X/- * 202% { Performance pay or bonus or variable pay : Rs X/- 100% (this is optional based upon the industry) }
Deductions:
Employee PF Contribution : Rs X/- * 12%
Employer PF Contribution : Rs X/- * 12%
ESI (optional based on manpower or availability of ESI dispensary) : Rs X/- *4.75%
Gratuity (optional) : Rs. X/- * 5%
From India, Hyderabad
hi Sri
Just joined a few minutes ago. But reading through your request, it sounds like that you need to have the Law provisions and Acts of employment in your business to know what is the capacity that these employees are entitled too. Calculations are set within country Laws itself as laws are different depending what the constitutions sees fit within the environment of such country and business. So if you have a corporate services department, the HRMngt. should have such knowledge of such and this is also the financial executive manager should be the key person to consult with calculations. Its on of the qualifications that is an important skills for your organization.
Cheers
Telesia
From Samoa, Apia
Just joined a few minutes ago. But reading through your request, it sounds like that you need to have the Law provisions and Acts of employment in your business to know what is the capacity that these employees are entitled too. Calculations are set within country Laws itself as laws are different depending what the constitutions sees fit within the environment of such country and business. So if you have a corporate services department, the HRMngt. should have such knowledge of such and this is also the financial executive manager should be the key person to consult with calculations. Its on of the qualifications that is an important skills for your organization.
Cheers
Telesia
From Samoa, Apia
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Typical salary breakup.jpg
Salary breakup.xls
Salary Breakup Annexure.doc