I think the salary structure is to be on a fixed and a variable structure. It will contain some part as basic salary and some part linked with the Price rise and other part as performance linked pay..//
I can send you if you want the deatils
I can send you if you want the deatils
Dear Mr Shantonu,Mr PR Kumar and Mr Shengalingam
I have arranged to put an incentitive plan based on the timely submission of the project and also a percentage of the salary as variable pay which will be linked to the performance apparaisal .The performance appraisal system is still in the process so I could not incorporate the figures in the salary structure.Once Iam done with it I will also display those details on the site and I would like you experienced people in HR to give your valluable suggestions on the same
Thank you all for your valuable suggestions
Best Regards
Indrani Chakraborty
From India, Pune
3I have arranged to put an incentitive plan based on the timely submission of the project and also a percentage of the salary as variable pay which will be linked to the performance apparaisal .The performance appraisal system is still in the process so I could not incorporate the figures in the salary structure.Once Iam done with it I will also display those details on the site and I would like you experienced people in HR to give your valluable suggestions on the same
Thank you all for your valuable suggestions
Best Regards
Indrani Chakraborty
From India, Pune
Hi
in your strucute, add the conveyance and tranport which should be based on voucher system, this is partly tax free. also the telephone exp could be till 1200 and will be completely tax free.
Variable salary must not be part of the CTC and should be informed which will be dependant on the performance. this will help the employees to save a taxes as they are variable and not fix.
If you still want some more tax free income structure, add Daily Food allowance Rs50 in strucute and against which issue the food coupns. this will be tax free, and only 12% FBT will be liable to be paid on it. You can even add car allowance for the higher cadre persons which again will help them to reduce the tax on income.
Regards
From India, Mumbai
in your strucute, add the conveyance and tranport which should be based on voucher system, this is partly tax free. also the telephone exp could be till 1200 and will be completely tax free.
Variable salary must not be part of the CTC and should be informed which will be dependant on the performance. this will help the employees to save a taxes as they are variable and not fix.
If you still want some more tax free income structure, add Daily Food allowance Rs50 in strucute and against which issue the food coupns. this will be tax free, and only 12% FBT will be liable to be paid on it. You can even add car allowance for the higher cadre persons which again will help them to reduce the tax on income.
Regards
From India, Mumbai
I think performance linked incentives should not be included in CTC of an employee. I have experienced certain situations where idea behind Performance linked Incentives is diluted as this is treated like Employees CTC
From India, Delhi
From India, Delhi
Dear Mr Saurabh
Thank you for sharing your experience .I would like to know what are the problems one might face if variable pay is included in the CTC?
Kindly throw some light on the same
Thanking you in anticipation
Indrani Chakraborty
From India, Pune
Thank you for sharing your experience .I would like to know what are the problems one might face if variable pay is included in the CTC?
Kindly throw some light on the same
Thanking you in anticipation
Indrani Chakraborty
From India, Pune
Dear Indrani,
Basic should be 40% to 60% of the gross salary as per TDS Act
HRA should be 50% of the Basic Salary
Special (Adholic)Allowance 15%
Conveyance Allowance 10%
Washing Allowance 3% (It depends on cost of living in that particular place)
Traveling Allowance 5%
Medical Allowance 7%
If medical Allowance paid as salary it comes under Tax
If any doubts mail me.
Regards,
Ravi Kumar T
09964519065
From India, Bangalore
Basic should be 40% to 60% of the gross salary as per TDS Act
HRA should be 50% of the Basic Salary
Special (Adholic)Allowance 15%
Conveyance Allowance 10%
Washing Allowance 3% (It depends on cost of living in that particular place)
Traveling Allowance 5%
Medical Allowance 7%
If medical Allowance paid as salary it comes under Tax
If any doubts mail me.
Regards,
Ravi Kumar T
09964519065
From India, Bangalore
Dear Mr/Ms Kumsi
Thank you very much for your valuable inputs .I will certainly get in touch with you in case I have any further queries regarding your post
Keep posting
Thanks and Regards
Indrani Chakraborty
From India, Pune
Thank you very much for your valuable inputs .I will certainly get in touch with you in case I have any further queries regarding your post
Keep posting
Thanks and Regards
Indrani Chakraborty
From India, Pune
Hi Indrani, I would definitely reply to your query. Plz feel free to call me on my cell - 9819335867 Ashutosh
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Creating a Competitive Salary Structure.doc
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