HI All,
Good Morning!!!!!
We are a growing software company. We are into restructuring our salaries. I am looking for the salary components other than standard one's like basic, da hra, spl allow, medical, trpt etc. Is there any way where in the employees sal package is kept on higher side but monthly package is not that high & are paid quaterly or halfyearly under a certain heading.
Regards,
Rajashree
From India, Pune
Good Morning!!!!!
We are a growing software company. We are into restructuring our salaries. I am looking for the salary components other than standard one's like basic, da hra, spl allow, medical, trpt etc. Is there any way where in the employees sal package is kept on higher side but monthly package is not that high & are paid quaterly or halfyearly under a certain heading.
Regards,
Rajashree
From India, Pune
Hi, A gud question. Even I would like to know this. Any one who could help us out? Regards, Rajan
From India, Mumbai
7From India, Mumbai
Dear Rajshree,
The medical you have mentioned can be paid on quarterly or half yearly basis instead of monthly basis.
You can also pay Reimbursement of Uniform Expenses on half yearly or annual basis(it can not be paid on monthly or quarterly basis as you generally do not give more than two uniforms in a year.
The LTA should be paid once in two years to save tax. If you do not want your employees to save on tax, you can pay it annually. In that case they will be able to save on tax on every alternate year (or to be precise only twice in a block of four years)
Employees who are out side the purview of Bonus Act can be paid a fixed amount or a fixed percentage of basic as bonus every year.
There is one more item.you can pay annual incentives (people also call it variable pay) which are either linked to profitability of the Company or employee's profit centre or to certain performance parameters of the employee.
So now you have wide option to chose from.
KKT
From India, Delhi
The medical you have mentioned can be paid on quarterly or half yearly basis instead of monthly basis.
You can also pay Reimbursement of Uniform Expenses on half yearly or annual basis(it can not be paid on monthly or quarterly basis as you generally do not give more than two uniforms in a year.
The LTA should be paid once in two years to save tax. If you do not want your employees to save on tax, you can pay it annually. In that case they will be able to save on tax on every alternate year (or to be precise only twice in a block of four years)
Employees who are out side the purview of Bonus Act can be paid a fixed amount or a fixed percentage of basic as bonus every year.
There is one more item.you can pay annual incentives (people also call it variable pay) which are either linked to profitability of the Company or employee's profit centre or to certain performance parameters of the employee.
So now you have wide option to chose from.
KKT
From India, Delhi
HI KKT, Thnaks for your suggestions. THis definately is going to help me. Best Regards, Rajashree Bhalerao
From India, Pune
From India, Pune
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
SALARY GOOD.xls
SALARY CAN BE SPLIT INTO COMPONENTS BUT NOT LESS THAN THE MINIMUM WAGES.docx