Hello Everyone!
I understand the question am posting is very silly to answer. However i would want the seniors to give to the definition of the BASIC SALARY..
We are preparing a functional document for the our HR product and hence require a definition for the sal component BASIC SALARY. Though we know what basic salary is, i want it in the financial terms.
Regards
Chandrika
From India, Bangalore
I understand the question am posting is very silly to answer. However i would want the seniors to give to the definition of the BASIC SALARY..
We are preparing a functional document for the our HR product and hence require a definition for the sal component BASIC SALARY. Though we know what basic salary is, i want it in the financial terms.
Regards
Chandrika
From India, Bangalore
The basic salary can be defined as under:
Basic Salary means monthly fixed salary excluding allowance, perks and benefits payable as per the market value of the job and compensation philosophy of the organization.
Base salary is totally based on the pricing of the job based on job evaluation and then it translate with the total compansation package which includes the allowance- operational allowances and fixed allowances:
Operational Allowances can be- Shift Allowance, Hazardous Allowance, Specific Location allowance, Working Conditions Allowance, Other Hardship related Allowances which are operation specific.
Fixed Allowances can be- Housing Allowance, Transport Allowance, Education Allowance etc
Regards
Rashid
From Saudi Arabia
8Basic Salary means monthly fixed salary excluding allowance, perks and benefits payable as per the market value of the job and compensation philosophy of the organization.
Base salary is totally based on the pricing of the job based on job evaluation and then it translate with the total compansation package which includes the allowance- operational allowances and fixed allowances:
Operational Allowances can be- Shift Allowance, Hazardous Allowance, Specific Location allowance, Working Conditions Allowance, Other Hardship related Allowances which are operation specific.
Fixed Allowances can be- Housing Allowance, Transport Allowance, Education Allowance etc
Regards
Rashid
From Saudi Arabia
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