what is the formula to fix a basic salary of the gross salary, means who much % of the Gross Salary would be a Basic Salary for Construction industry.
From India, Delhi
From India, Delhi
Till today, no acts confirmed we need to consider this much percentage as basic on total gross. However what ever the minimum wages notified by the state govt for the scheduled industries...... should be considered.
Pavan, further clarity pl do call me on +91 9629488214
From Australia
Pavan, further clarity pl do call me on +91 9629488214
From Australia
Dear Shukla,
To my knowledge Basic determines 50% or 40% of Gross Salary. There is no standard formula to fix Basic, it is differs from company to company. We can fix according to our company policies . As per statutory norms basic plays major while calculating P.F , H.R.A ( House Rent Allowance ) and Gratuity etc. So while giving break up of salary we have to consider these statutory obligations and it is very important to employee.
conclusion is there is no standard formula for fixing basic, as i said above it is varies from company to company, generaly it fixes 40 % to 50% of gross salary.
I hope you are clear now.
I wish you all the best.
From India, Hyderabad
85To my knowledge Basic determines 50% or 40% of Gross Salary. There is no standard formula to fix Basic, it is differs from company to company. We can fix according to our company policies . As per statutory norms basic plays major while calculating P.F , H.R.A ( House Rent Allowance ) and Gratuity etc. So while giving break up of salary we have to consider these statutory obligations and it is very important to employee.
conclusion is there is no standard formula for fixing basic, as i said above it is varies from company to company, generaly it fixes 40 % to 50% of gross salary.
I hope you are clear now.
I wish you all the best.
From India, Hyderabad
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Salary-Note.doc
SALARY SHEET CALCULATION.xls