Hi, If you are in Metro, HRA will be 50% of Basic conveyance will be 1200 (fixed) you can provide the Petrol allowance if the employee is coming by his own vehicle. cheers suneel.
From India, Bangalore
4From India, Bangalore
Dear Mr Suneel
Thank you so much for your feedback .I jUst wanted to clarify one thing "Education allowance" is it the same as childrens education allowance ?then in that case we cannot provide it to unmarried employees
Can you tell me what is the percentage of tax applicable to entertainment allowance ?
Thank you once again for your valuable inputs
Keep posting
Regards
Indrani Chakraborty
From India, Pune
Thank you so much for your feedback .I jUst wanted to clarify one thing "Education allowance" is it the same as childrens education allowance ?then in that case we cannot provide it to unmarried employees
Can you tell me what is the percentage of tax applicable to entertainment allowance ?
Thank you once again for your valuable inputs
Keep posting
Regards
Indrani Chakraborty
From India, Pune
Hi Indrani,
It comes under the total amount for calculation of tax. no separate percentage for it.
Education allowance can be given to unmarried also, if they are going thro' some sort of education (either academic or departmental).
cheers
suneel.
From India, Bangalore
It comes under the total amount for calculation of tax. no separate percentage for it.
Education allowance can be given to unmarried also, if they are going thro' some sort of education (either academic or departmental).
cheers
suneel.
From India, Bangalore
Dear Mr Suneel
Thank you so much for your inputs.Kindly clarify one more doubt do the employees need to provide some marksheets or documnets to support that they are pursuing education or can we just give away that amount as a part of the salary
Thank you once again for the help extended
Regards '
Indrani Chakraborty
From India, Pune
Thank you so much for your inputs.Kindly clarify one more doubt do the employees need to provide some marksheets or documnets to support that they are pursuing education or can we just give away that amount as a part of the salary
Thank you once again for the help extended
Regards '
Indrani Chakraborty
From India, Pune
Dear Mr Neeraj
Thank you so much for your input.As I have mentioned in my earlier posts I work for a mid-sized company and the employees join here at entry level so I wanted to put forward a salary structure which is simple enough for them to understand
Keep posting
Thanks and Regards
Indrani Chakraborty
From India, Pune
Thank you so much for your input.As I have mentioned in my earlier posts I work for a mid-sized company and the employees join here at entry level so I wanted to put forward a salary structure which is simple enough for them to understand
Keep posting
Thanks and Regards
Indrani Chakraborty
From India, Pune
Dear Indrani,
You can prepare salary structure as per the below system.
If the Gross salary is 6000/-
Take 100% ( Basic )+50%(HRA)+12%(PF)+1.76%(ESI)=163.76
Calculate Like this - Rs.6000*100/163.76=3666 (BASIC)
- Rs. 6000*50/163.76 = 1834(HRA)
Rs.6000*12/163.76 = 435(PF)
Rs.6000*1.76/163.76= 65(ESI)
I think this will help you. If it is pls let me know.
Thanks
Anil
You can prepare salary structure as per the below system.
If the Gross salary is 6000/-
Take 100% ( Basic )+50%(HRA)+12%(PF)+1.76%(ESI)=163.76
Calculate Like this - Rs.6000*100/163.76=3666 (BASIC)
- Rs. 6000*50/163.76 = 1834(HRA)
Rs.6000*12/163.76 = 435(PF)
Rs.6000*1.76/163.76= 65(ESI)
I think this will help you. If it is pls let me know.
Thanks
Anil
Dear Indrawn,
You need to have a Contemporary Structure rather than Traditional one. You may consider the following which is proposed for Middle Magot level:
Basic Salary - 100%
Flex Pay - 100% to 200% of Basic Salary, depending upon the Position
Performance Pay - 20% to 50% of Basic Salary, depending upon position
Retrials - 31.8% of Base salary (PFUI, SA, Gratuity)
Flexipay may include HR, Conveyance, LATA, Medical Allowance, and other allowances if any and you may give option to employees to choose from the above which they would like to have on monthly basis. This will help them get Tax advantages as per existing rules.
If you do not want to include SA - Superannuation for this category of employees, you may do so.
You can also add Special Allowance as Adjustment Allowance if need be on monthly basis.
In case you need any more information, please do get in touch with me.
Thanks and regards,
Madhav Kokanee
9960274001,
You need to have a Contemporary Structure rather than Traditional one. You may consider the following which is proposed for Middle Magot level:
Basic Salary - 100%
Flex Pay - 100% to 200% of Basic Salary, depending upon the Position
Performance Pay - 20% to 50% of Basic Salary, depending upon position
Retrials - 31.8% of Base salary (PFUI, SA, Gratuity)
Flexipay may include HR, Conveyance, LATA, Medical Allowance, and other allowances if any and you may give option to employees to choose from the above which they would like to have on monthly basis. This will help them get Tax advantages as per existing rules.
If you do not want to include SA - Superannuation for this category of employees, you may do so.
You can also add Special Allowance as Adjustment Allowance if need be on monthly basis.
In case you need any more information, please do get in touch with me.
Thanks and regards,
Madhav Kokanee
9960274001,
Dear Mr Madhav
Thank you somuch for your valuable suggestions .I still have alot more queries .I hope you will not mund if I give a call at the number provided by you.Can you let me know whther we need to have some minimum number of employees to disburse food coupons .Can you loet me know how much an employer has to pay for availing this service from accord or sodexho ?
Thanks and Regards
Indrani Chakraborty
From India, Pune
Thank you somuch for your valuable suggestions .I still have alot more queries .I hope you will not mund if I give a call at the number provided by you.Can you let me know whther we need to have some minimum number of employees to disburse food coupons .Can you loet me know how much an employer has to pay for availing this service from accord or sodexho ?
Thanks and Regards
Indrani Chakraborty
From India, Pune
The salary should commensurate with the assignment an employee has got. Further enhncement of the salary should be based on the performance of the employee. The one you have suggested appears to be a fixed one. No annual increment, bonus, LTA and other annual remuneration has been given. They should also be taken care of. Normally the pay structure should be worked out matching the net profit of the organization. I would like to suggest that you can take the guidance of organizations in the line you are.
With wishes
Sengailingam
With wishes
Sengailingam
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Creating a Competitive Salary Structure.doc
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