Hi Folks & Seniors
Hope every one enjoying their respective jobs
I would like to request you all, to sort out the difference between monthly salary and CTC offered in the offer letter
I want to know how to calculate monthly salary of each individual of every month.
I hope calculating Cost to the Company is different and Salary paid to every month is different
Please seggregate and explain me how to calculate Cost to the Company
( what all things to be added and how to give a offer letter by showing each individual item i n offer letter like basic, HRA, transport ,special allowance)
And at the same time i want to know more clearly about salary slip format
I hope HR folks and Seniors will help me a lot
Awaiting for your valuable responses
Regards
Ramesh
From India, Hyderabad
7Hope every one enjoying their respective jobs
I would like to request you all, to sort out the difference between monthly salary and CTC offered in the offer letter
I want to know how to calculate monthly salary of each individual of every month.
I hope calculating Cost to the Company is different and Salary paid to every month is different
Please seggregate and explain me how to calculate Cost to the Company
( what all things to be added and how to give a offer letter by showing each individual item i n offer letter like basic, HRA, transport ,special allowance)
And at the same time i want to know more clearly about salary slip format
I hope HR folks and Seniors will help me a lot
Awaiting for your valuable responses
Regards
Ramesh
From India, Hyderabad
Hi Ramesh
CTC include Basic Salary+PF+HRA+TA+DA+Esic+PT
when you will get ur monthly salary then these things will be deducted PT+PF(Of ur part i.e 12% frm Basic salary)+ESIC(of ur part i.e 4.75% frm Basic salary).Thats why there will be the small difference between monthely salary & the mention CTC in the offer letter.
Regards
Tarun
From India, Mumbai
CTC include Basic Salary+PF+HRA+TA+DA+Esic+PT
when you will get ur monthly salary then these things will be deducted PT+PF(Of ur part i.e 12% frm Basic salary)+ESIC(of ur part i.e 4.75% frm Basic salary).Thats why there will be the small difference between monthely salary & the mention CTC in the offer letter.
Regards
Tarun
From India, Mumbai
HI
folks and seniour
i am also confuse about salary .........if we paid salary to every employee to 26days + 4 w/off ,if my monthly salary is 10000 gross .....and my present days is 26 ,and days in month is 30,,,,,,,how i calculate .....???
if i calculate this way ......wat its normal calculation
total salary/ days in the month * actual worked days
10000/30* 26 worked days = 8666.67....... what about w/off ?????its payable or not???????????Plz help me i m really very confuse if possible ................its urgent so reply me as soon as possible in my id
Regards Kalpa
From India, Ahmadabad
folks and seniour
i am also confuse about salary .........if we paid salary to every employee to 26days + 4 w/off ,if my monthly salary is 10000 gross .....and my present days is 26 ,and days in month is 30,,,,,,,how i calculate .....???
if i calculate this way ......wat its normal calculation
total salary/ days in the month * actual worked days
10000/30* 26 worked days = 8666.67....... what about w/off ?????its payable or not???????????Plz help me i m really very confuse if possible ................its urgent so reply me as soon as possible in my id
From India, Ahmadabad
Dear Kalpa
As per the total days u have to calculate the salary.For exmp in the month of may we hv 31 days,so you hv to divide ur salary by 31.sunday will be include.Just clear ur points thn we will discuss.
From India, Mumbai
As per the total days u have to calculate the salary.For exmp in the month of may we hv 31 days,so you hv to divide ur salary by 31.sunday will be include.Just clear ur points thn we will discuss.
From India, Mumbai
hi dear,
The working days are calculted as normal and salary is given. but for weekend, the logic is if you have worked for friday and monday , u will recv salary for saturday and sunday, as if they are normal working days, coz it is assumed that if saturdy or sundy was working u would have come to office.
but ,if u take a leave immediately before or aftr the holiday, u will not be paid; assuming that if the holidy was workin, u shall be absent. this law is universal all over the country.
From India, Bangalore
The working days are calculted as normal and salary is given. but for weekend, the logic is if you have worked for friday and monday , u will recv salary for saturday and sunday, as if they are normal working days, coz it is assumed that if saturdy or sundy was working u would have come to office.
but ,if u take a leave immediately before or aftr the holiday, u will not be paid; assuming that if the holidy was workin, u shall be absent. this law is universal all over the country.
From India, Bangalore
Dear Ramesh
Please find below the details of yearly ctc format, pls note that the salary heads in monthly salary can be named differently but you can understand from the below salary strcture about what all come in monthly salary and what all goes in yearly.
SALARY PACKAGENAME
Mr. Nitesh N Patel
DESIGExecutive-QA/QC
DEPRTQ.C.
GRADEO-II
SALARY STRUCTURE
Basic=6600PM (depends on company,s gradation)
Mgt allow=6700PM (depends on company,s gradation)
CAP=4898PM (depends on company,s gradation)
P.Pay=2680PM (balance after above all)
Salary= 20878PM X 12 = Rs.250536/-
PF=7920PA12% of basic
Bonus=6597PA8.33% of basic
Gratuity=3168PA(15 Days basic salary X 12)
Salary Per Annum268221(PA CTC)
If you still have confusion, pls feel free to write me.
regards
Bharat
From India, Visnagar
Please find below the details of yearly ctc format, pls note that the salary heads in monthly salary can be named differently but you can understand from the below salary strcture about what all come in monthly salary and what all goes in yearly.
SALARY PACKAGENAME
Mr. Nitesh N Patel
DESIGExecutive-QA/QC
DEPRTQ.C.
GRADEO-II
SALARY STRUCTURE
Basic=6600PM (depends on company,s gradation)
Mgt allow=6700PM (depends on company,s gradation)
CAP=4898PM (depends on company,s gradation)
P.Pay=2680PM (balance after above all)
Salary= 20878PM X 12 = Rs.250536/-
PF=7920PA12% of basic
Bonus=6597PA8.33% of basic
Gratuity=3168PA(15 Days basic salary X 12)
Salary Per Annum268221(PA CTC)
If you still have confusion, pls feel free to write me.
regards
Bharat
From India, Visnagar
Hi dear
dif bet ween salary and CTC is as:
Salary is generally the net amount that an employees takes home.
where as the CTC is the cost to company incured because of the employee.
for exampleof CTC:
basic + HRA+flield allowance+PF+PT+ESIC*+other benefits like mobile /medical/etc = Gross salary
ESIC is 4.75%of BAsic+hra for employer and 1.75 %of BAsic+hra for employee
In gross salary esic is for employer @ 4.75%of basic +hra.
EG FOR SALARY:
basic + HRA+flield allowance+PF+PT+ESIC*+other benefits like mobile /medical/etc = SALARY
pLZ NOTE ESIC HERE IS FOR EMPLOYEE @1.75%OF BASIC+HRA
Hope this will help
From India, Bangalore
dif bet ween salary and CTC is as:
Salary is generally the net amount that an employees takes home.
where as the CTC is the cost to company incured because of the employee.
for exampleof CTC:
basic + HRA+flield allowance+PF+PT+ESIC*+other benefits like mobile /medical/etc = Gross salary
ESIC is 4.75%of BAsic+hra for employer and 1.75 %of BAsic+hra for employee
In gross salary esic is for employer @ 4.75%of basic +hra.
EG FOR SALARY:
basic + HRA+flield allowance+PF+PT+ESIC*+other benefits like mobile /medical/etc = SALARY
pLZ NOTE ESIC HERE IS FOR EMPLOYEE @1.75%OF BASIC+HRA
Hope this will help
From India, Bangalore
Hi Dear
See the Salary is payable for Fixed Components like
General Company's Salary components
01. Basic
02. HRA
03. Med Allow
04. Spl Allow
05. Conveyance
-------------------
Gross
-------------------
Apart from this
P.F ( Emp'r)
E.S.I
P.T
Gratuity
Bonus
---------------
CTC
-----------------
Salary is calculated on Gross and ded are made for P.F ( Emp), E.S.I and PT then we will arrive net salary.
I hope i reach ur query.
rgds
Suraj Varma
From India, Hyderabad
See the Salary is payable for Fixed Components like
General Company's Salary components
01. Basic
02. HRA
03. Med Allow
04. Spl Allow
05. Conveyance
-------------------
Gross
-------------------
Apart from this
P.F ( Emp'r)
E.S.I
P.T
Gratuity
Bonus
---------------
CTC
-----------------
Salary is calculated on Gross and ded are made for P.F ( Emp), E.S.I and PT then we will arrive net salary.
I hope i reach ur query.
rgds
Suraj Varma
From India, Hyderabad
Dear Ramesh,
I would like to suggest as after understanding the breakup of salary and the percentage's, as per your company policy's you can make your own excel format putting all the formulas, practice the same with any ones salary and once it is perfected you can use the same ready format for every employees salary.
For example you can use the information shared by Mr. Bharat, put it in an excel format practice sometime till you get better understanding then make your own format as per your policies.
hope this could be of any use.
kindly feel free to ask if there is any confusion.
From India, Delhi
I would like to suggest as after understanding the breakup of salary and the percentage's, as per your company policy's you can make your own excel format putting all the formulas, practice the same with any ones salary and once it is perfected you can use the same ready format for every employees salary.
For example you can use the information shared by Mr. Bharat, put it in an excel format practice sometime till you get better understanding then make your own format as per your policies.
hope this could be of any use.
kindly feel free to ask if there is any confusion.
From India, Delhi
Lisn to Suraj,he has given you the best solution as per the Compnents in Salary Slab..
Thats the simple & straight reply.
Regarding calculations..
Eg: If your Gross CTC is 2,50,000 & want to know Monthly,Divide it by 12:
2,50,000/12 = 20,833...This is Your Monthly Salry...Simple.
Basic Compoents are calcylated in following way:
01. Basic-50 or 40 percent on CTC(Gross Salary ie.20,833 from above).Its can evn be 25%,30 % depends upon employer's or HR's choice.Mostly it is 40 to 50 %.This amount is taxable
02. HRA- It has to be 50 % of Basic.
03. Med Allow-It is idelly 1250/month in most companies for tax rebate
04. Conveynce-It has to be idelly 800/monthtax rebate(most companies apply)
05. Special Allwance- This is the balacing figure for remaing amount.(This amount is fully taxable)
Eg if person has salary of 12,000/month(gross):
Basic-6000 (50 % of CTC)(Taxable)
HRA- 3000 (50% of Basic )
Medical Allowance-1250(As one can avail for tax rebate)
Conveyance - 800 (for Tax rebate an idle figure which 90% companies use lik Medical allownce)
Special Allowance-950(Balancing Amount)-(Taxable)
Regards
Rashmi Bhalerao
From India, Mumbai
Thats the simple & straight reply.
Regarding calculations..
Eg: If your Gross CTC is 2,50,000 & want to know Monthly,Divide it by 12:
2,50,000/12 = 20,833...This is Your Monthly Salry...Simple.
Basic Compoents are calcylated in following way:
01. Basic-50 or 40 percent on CTC(Gross Salary ie.20,833 from above).Its can evn be 25%,30 % depends upon employer's or HR's choice.Mostly it is 40 to 50 %.This amount is taxable
02. HRA- It has to be 50 % of Basic.
03. Med Allow-It is idelly 1250/month in most companies for tax rebate
04. Conveynce-It has to be idelly 800/monthtax rebate(most companies apply)
05. Special Allwance- This is the balacing figure for remaing amount.(This amount is fully taxable)
Eg if person has salary of 12,000/month(gross):
Basic-6000 (50 % of CTC)(Taxable)
HRA- 3000 (50% of Basic )
Medical Allowance-1250(As one can avail for tax rebate)
Conveyance - 800 (for Tax rebate an idle figure which 90% companies use lik Medical allownce)
Special Allowance-950(Balancing Amount)-(Taxable)
Regards
Rashmi Bhalerao
From India, Mumbai
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