Dear, Pls note this simple salary structure Basic 50% HRA 20% Conv 20% and SP. Allowance 10% Best Regards, Suresh.K
From Singapore
4From Singapore
Payslip for the month of May 2012
Employee No Location
Name Department
Bank Name Designation
Bank Acc. No. Division
PF No. Total Days 31
ESI No. LOP 0
PAN No. Effective Work Days 31
Earnings Rs. Deduction Rs.
BASIC 9000 PROVIDENT FUND 780
BASIC ARREAR 1004 PROF TAX 200
HRA 3600 STAFF LOAN 3190
HRA ARREAR 402
TRAVELLING ALLOWANCE 800
VARIABLE ALLOWANCE 2570
VARIABLE ALLOW ARREAR 602
INCENTIVE 4205
MEDICAL REIMBURSEMENT 1250
BONUS 3500
HUL INCENTIVE 335
Total Earnings 27268 Total Deduction 4170
Net Pay : Rs. 23098.20 (Rupees Twenty Three Thousand Ninety Eight And Twenty One Paise Only )
Employer's Contribution
Employer's PF 780
Employer's ESI 0
Gross 28048
My Question
Total Salay as per company 28048
Deducation of PF 1560
26488
D14-d23 23878
double time PF 23098
What is the Roule to Deduct the PF and How much they are deducting as per this informtion, and how much company need to pay the PF to the empoyee, and how can we know that they are paying that amount to PF A/c of the Empolyee
From India, Bangalore
Employee No Location
Name Department
Bank Name Designation
Bank Acc. No. Division
PF No. Total Days 31
ESI No. LOP 0
PAN No. Effective Work Days 31
Earnings Rs. Deduction Rs.
BASIC 9000 PROVIDENT FUND 780
BASIC ARREAR 1004 PROF TAX 200
HRA 3600 STAFF LOAN 3190
HRA ARREAR 402
TRAVELLING ALLOWANCE 800
VARIABLE ALLOWANCE 2570
VARIABLE ALLOW ARREAR 602
INCENTIVE 4205
MEDICAL REIMBURSEMENT 1250
BONUS 3500
HUL INCENTIVE 335
Total Earnings 27268 Total Deduction 4170
Net Pay : Rs. 23098.20 (Rupees Twenty Three Thousand Ninety Eight And Twenty One Paise Only )
Employer's Contribution
Employer's PF 780
Employer's ESI 0
Gross 28048
My Question
Total Salay as per company 28048
Deducation of PF 1560
26488
D14-d23 23878
double time PF 23098
What is the Roule to Deduct the PF and How much they are deducting as per this informtion, and how much company need to pay the PF to the empoyee, and how can we know that they are paying that amount to PF A/c of the Empolyee
From India, Bangalore
Payslip for the month of May 2012
Employee No Location
Name Department
Bank Name Designation
Bank Acc. No. Division
PF No. Total Days 31
ESI No. LOP 0
PAN No. Effective Work Days 31
Earnings Rs. Deduction Rs.
BASIC 9000 PROVIDENT FUND 780
BASIC ARREAR 1004 PROF TAX 200
HRA 3600 STAFF LOAN 3190
HRA ARREAR 402
TRAVELLING ALLOWANCE 800
VARIABLE ALLOWANCE 2570
VARIABLE ALLOW ARREAR 602
INCENTIVE 4205
MEDICAL REIMBURSEMENT 1250
BONUS 3500
HUL INCENTIVE 335
Total Earnings 27268 Total Deduction 4170
Net Pay : Rs. 23098.20 (Rupees Twenty Three Thousand Ninety Eight And Twenty One Paise Only )
Employer's Contribution
Employer's PF 780
Employer's ESI 0
Gross 28048
My Question
Total Salay as per company 28048
Deducation of PF 1560
26488
D14-d23 23878
double time PF 23098
What is the Roule to Deduct the PF and How much they are deducting as per this informtion, and how much company need to pay the PF to the empoyee, and how can we know that they are paying that amount to PF A/c of the Empolyee
See the attachment and
From India, Bangalore
Employee No Location
Name Department
Bank Name Designation
Bank Acc. No. Division
PF No. Total Days 31
ESI No. LOP 0
PAN No. Effective Work Days 31
Earnings Rs. Deduction Rs.
BASIC 9000 PROVIDENT FUND 780
BASIC ARREAR 1004 PROF TAX 200
HRA 3600 STAFF LOAN 3190
HRA ARREAR 402
TRAVELLING ALLOWANCE 800
VARIABLE ALLOWANCE 2570
VARIABLE ALLOW ARREAR 602
INCENTIVE 4205
MEDICAL REIMBURSEMENT 1250
BONUS 3500
HUL INCENTIVE 335
Total Earnings 27268 Total Deduction 4170
Net Pay : Rs. 23098.20 (Rupees Twenty Three Thousand Ninety Eight And Twenty One Paise Only )
Employer's Contribution
Employer's PF 780
Employer's ESI 0
Gross 28048
My Question
Total Salay as per company 28048
Deducation of PF 1560
26488
D14-d23 23878
double time PF 23098
What is the Roule to Deduct the PF and How much they are deducting as per this informtion, and how much company need to pay the PF to the empoyee, and how can we know that they are paying that amount to PF A/c of the Empolyee
See the attachment and
From India, Bangalore
I think the Engineer does not comes under ESI bracket.so, ESI contribution should not be deducted. Puja
From India, New Delhi
From India, New Delhi
The salary break up seems to be wrong as the basic salary is so less and ESI is not applicable to employees whose salary is more than 15000/-
From India, Hyderabad
From India, Hyderabad
Dear Anjali,
pls find the below salary strcuture.
Without deductions
Basic Salary 40% 10000
HRA 30% 7500
Convenyence 800 (Fixed) 800
Speacial Allowances 6700
Gross Salary 25000
With deductions
Basic Salary 40% 10000
HRA 30% 7500
Convenyence 800 (Fixed) 800
Speacial Allowances 6700
PF 780
ESIC 0
Food Coupons 1000
TDS 0
In hand 23220
Thanks & Regards,
Ashok Negidi
HR-Hyderabad
M: 9603366120.
From India, Hyderabad
pls find the below salary strcuture.
Without deductions
Basic Salary 40% 10000
HRA 30% 7500
Convenyence 800 (Fixed) 800
Speacial Allowances 6700
Gross Salary 25000
With deductions
Basic Salary 40% 10000
HRA 30% 7500
Convenyence 800 (Fixed) 800
Speacial Allowances 6700
PF 780
ESIC 0
Food Coupons 1000
TDS 0
In hand 23220
Thanks & Regards,
Ashok Negidi
HR-Hyderabad
M: 9603366120.
From India, Hyderabad
Ashoks structure looks good
Conveyance allowance of 800 is tax free anything above is taxable so we need to stay there
Travelling allowance makes no nense unless he is not being paid travelling money for going anywhere
Higher hra helps where he is paying rent and can get tax benefit for it
PF max limit is 780 but you can pay more if you wish. Most don't. Also Anyine joining at above 6500 and not having an existing pf account can opt out of pf
A simple structure as given by Ashok is a good idea. There is no need to make it more complex.
From India, Mumbai
Conveyance allowance of 800 is tax free anything above is taxable so we need to stay there
Travelling allowance makes no nense unless he is not being paid travelling money for going anywhere
Higher hra helps where he is paying rent and can get tax benefit for it
PF max limit is 780 but you can pay more if you wish. Most don't. Also Anyine joining at above 6500 and not having an existing pf account can opt out of pf
A simple structure as given by Ashok is a good idea. There is no need to make it more complex.
From India, Mumbai
Dear anjali
if salary is more than 15000/- in this case that persons already cross the ESIC Limit
your consultant give you the wrong salary structures.
when you can prepare the salary structures all the allowances are calculated in % e.g. Basic X 20% = HRA
Regards,
Nikhil
From India, Pune
if salary is more than 15000/- in this case that persons already cross the ESIC Limit
your consultant give you the wrong salary structures.
when you can prepare the salary structures all the allowances are calculated in % e.g. Basic X 20% = HRA
Regards,
Nikhil
From India, Pune
Dear Anjali,
To set up your companies salary structure you should first take approval of your management that what should be the ratio of Baic : Gross salary or CTC
In normal cases it is 40/50/60 :100.
Once you have decided this ration please note that this is the most affecting financial components in your policy.PF/Gratuity/Bonus/Leave encashment these all are depeingin upon this ratio only.
As a good practice to meet with fair/living wages you can put this ration as
50:100 to the CTC.i.e 50% Basic of the CTC not Gross.For this prupose you have to finalize your salary structure in CTC not upon Gorss monthly salary.
Ohter ratio may be
HRA-It is minimum 5% but as a good practic you can divide it in to 3 categories
Sr.Staff- 40% of Basic Salary ( As it is not taxable)
Middle staff-30%
Jr.Staff/Woker-25 % of Basic salary.
Conveyance allowance may be 5%
Edgucation allowance -2%
It is suggested to you to remove the Special Allowance from the structure as it may lead dispute in future.You can say (Basic + D.A.)
Please also note that Coveyance allowance 800/- pm is exempted and Education allowance Rs.200/- pm ( For 2 children) is exempted from Tax.
As your consultant provide you the portion of Basic which is too low please dont accept that.
Other Annual earning coponent may be
Ex-gratia/Bonus-8.33% of Basic or Gross
Medical Allowance-depends upon grade but below Rs 15000 pa
LTA- depends upon grade but below Rs 15000 pa
PF share
Esice share
PTax
This may be use ful for you
Mangesh Wakodkar
Aurangabad
From India, Pune
To set up your companies salary structure you should first take approval of your management that what should be the ratio of Baic : Gross salary or CTC
In normal cases it is 40/50/60 :100.
Once you have decided this ration please note that this is the most affecting financial components in your policy.PF/Gratuity/Bonus/Leave encashment these all are depeingin upon this ratio only.
As a good practice to meet with fair/living wages you can put this ration as
50:100 to the CTC.i.e 50% Basic of the CTC not Gross.For this prupose you have to finalize your salary structure in CTC not upon Gorss monthly salary.
Ohter ratio may be
HRA-It is minimum 5% but as a good practic you can divide it in to 3 categories
Sr.Staff- 40% of Basic Salary ( As it is not taxable)
Middle staff-30%
Jr.Staff/Woker-25 % of Basic salary.
Conveyance allowance may be 5%
Edgucation allowance -2%
It is suggested to you to remove the Special Allowance from the structure as it may lead dispute in future.You can say (Basic + D.A.)
Please also note that Coveyance allowance 800/- pm is exempted and Education allowance Rs.200/- pm ( For 2 children) is exempted from Tax.
As your consultant provide you the portion of Basic which is too low please dont accept that.
Other Annual earning coponent may be
Ex-gratia/Bonus-8.33% of Basic or Gross
Medical Allowance-depends upon grade but below Rs 15000 pa
LTA- depends upon grade but below Rs 15000 pa
PF share
Esice share
PTax
This may be use ful for you
Mangesh Wakodkar
Aurangabad
From India, Pune
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