Dear All,
I am working for a software development company. I need a small clarification. Normally, how is the Loss of Pay calculated? Is it calculated including the weekends i.e. salary divided by 30 days and multiplied by days payable, or salary divided by 22 days(excluding week ends) and multiplied by days payable.As far as I know in Indian companies, the salary is paid per month basis and also for the purpose of calculation we calculate with 30 days pro-rated. I heard in US companies it is vice-versa, the salary is paid for 22 days and LOP calculation is also done for 22 days.
Please let me know how is it done in Indian software companies.
Thanks
Geetanjali
From India, Hyderabad
1I am working for a software development company. I need a small clarification. Normally, how is the Loss of Pay calculated? Is it calculated including the weekends i.e. salary divided by 30 days and multiplied by days payable, or salary divided by 22 days(excluding week ends) and multiplied by days payable.As far as I know in Indian companies, the salary is paid per month basis and also for the purpose of calculation we calculate with 30 days pro-rated. I heard in US companies it is vice-versa, the salary is paid for 22 days and LOP calculation is also done for 22 days.
Please let me know how is it done in Indian software companies.
Thanks
Geetanjali
From India, Hyderabad
Hai ,
I am A HR working in an IT company. We too have LOP's . We pay on the basis of working days only that is excluding weekends and holidays whichever come. I dont know in general but this is what our company follows and mostly all
From India, Bangalore
I am A HR working in an IT company. We too have LOP's . We pay on the basis of working days only that is excluding weekends and holidays whichever come. I dont know in general but this is what our company follows and mostly all
From India, Bangalore
I also have the same doubt. Can anyone give a detailed information on this topic?
It will be helpful if we can get a detailed information about calculation of LOP's in IT companies and the Leave Policy followed in IT / ITES indutries.
Regards,
Namratha
It will be helpful if we can get a detailed information about calculation of LOP's in IT companies and the Leave Policy followed in IT / ITES indutries.
Regards,
Namratha
Dear you just follow the simple formula,
(Total Wage/Total no. of days in a month) X No of days worked.
eg.
Total Wage will be 3500 in the month of Dec09
Total Days worked = 20 (including leave sunday and Holiday)
then
(3500/31)*20=2258.00
Regard's
Ajay Desai
From India, Calcutta
(Total Wage/Total no. of days in a month) X No of days worked.
eg.
Total Wage will be 3500 in the month of Dec09
Total Days worked = 20 (including leave sunday and Holiday)
then
(3500/31)*20=2258.00
Regard's
Ajay Desai
From India, Calcutta
Hi Rajesh, You have mentioned that it is Salary * Paid days / Calender days of the month. Can you please explain with an example? Regards, Namratha
Hi All, Every one is saying salary/no of days in a month * no of days worked Can any one tel us what does it mean salary is it Gross or NTH or CTC Thanks Rajesh Kumar
From India, Hyderabad
From India, Hyderabad
For calculation of LOP actual scheduled working days will have to be taken into account - for example in a month if the scheduled working days are 26 then for every LOP days the employee will lose 1/26 days salary instead of 1/31 days. Then only the loss will be more and the employee will be discouraged not to be on LOP.
From India, Bangalore
From India, Bangalore
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