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CTC calculation includes everything which is given to employee by employer, as the long form itself is self explainatory, cost to company.
Gross salary (Basic salary+HRA+conveyance+medical+LTA+other allowances, this includes all employee PF contri, ESI contri,P.T.), Employer PF,ESI contri, yearly bonus,mediclaim, accidental (it also should include as its cost to company),mobile alllowance (monthly), net allowance (monthly).
Anything which is included as cost to company towards employee should come under CTC.
Thanks.
Gross salary (Basic salary+HRA+conveyance+medical+LTA+other allowances, this includes all employee PF contri, ESI contri,P.T.), Employer PF,ESI contri, yearly bonus,mediclaim, accidental (it also should include as its cost to company),mobile alllowance (monthly), net allowance (monthly).
Anything which is included as cost to company towards employee should come under CTC.
Thanks.
Dear All,
I want to design a CTC of 6 lacks rupees to a senior management professional in our hospitality industry and want to include the incentives on his CTC besides the basic salary.
Kindly give me some inputs on designing this salary.
Kindly take this as urgent help.
Thanks & Regards
Gaurav Agarwal
9970039856
I want to design a CTC of 6 lacks rupees to a senior management professional in our hospitality industry and want to include the incentives on his CTC besides the basic salary.
Kindly give me some inputs on designing this salary.
Kindly take this as urgent help.
Thanks & Regards
Gaurav Agarwal
9970039856
Dear frds
Basic 4000.00
V D A 1307.00 [Generally fixed in Hotel industry]
others 5000.00
-----------
Gross salary ----- 10307.00
-----------
P F + 637 00 [Basic+VDA*12/100]
E S I + 490.00 [4.75% on Gross- Employer contribution]
L T A + 333.00 [8.33% on Basic]
------------
C T C ------ 11767.00
-------------
correct me if im wrong hope some how it helps you
Basic 4000.00
V D A 1307.00 [Generally fixed in Hotel industry]
others 5000.00
-----------
Gross salary ----- 10307.00
-----------
P F + 637 00 [Basic+VDA*12/100]
E S I + 490.00 [4.75% on Gross- Employer contribution]
L T A + 333.00 [8.33% on Basic]
------------
C T C ------ 11767.00
-------------
correct me if im wrong hope some how it helps you
The Salary structure varies company to company based on their C & B policies. Some of the basic Pay heads used are
1) Basic - 35% - 50% of Gross
2) HRA - 40% of Basic for Non metro & 50% of basic for Metro
3) Con - Max Rs. 800/ P M which is Max of Rs. 9600 P A
4) Medical Reim - Max Rs. 1250 / PM which can be max of Rs 15000 PA
5) Spl Allow - Balance of Gross will be provided as Spl Allow
Statutory
1) PF
Emp Contribution - 12% on Basic
Emp'r Contribution - 13.61% on basic
2) ESI - Applicable to employees whose Gross Salary is less than or equal to Rs.10000
Emp Contribution - 1.75% on Gross
Emp'r Contribution - 4.75% on Gross
PT - It Varies State to state
Net Salary = Gross - PF (Emp Cont) - ESI (Emp Cont) - PT
CTC = Gross + PF (Emp'r Cont) - ESI (Emp'r Cont)
1) Basic - 35% - 50% of Gross
2) HRA - 40% of Basic for Non metro & 50% of basic for Metro
3) Con - Max Rs. 800/ P M which is Max of Rs. 9600 P A
4) Medical Reim - Max Rs. 1250 / PM which can be max of Rs 15000 PA
5) Spl Allow - Balance of Gross will be provided as Spl Allow
Statutory
1) PF
Emp Contribution - 12% on Basic
Emp'r Contribution - 13.61% on basic
2) ESI - Applicable to employees whose Gross Salary is less than or equal to Rs.10000
Emp Contribution - 1.75% on Gross
Emp'r Contribution - 4.75% on Gross
PT - It Varies State to state
Net Salary = Gross - PF (Emp Cont) - ESI (Emp Cont) - PT
CTC = Gross + PF (Emp'r Cont) - ESI (Emp'r Cont)
Hi Guys,
Need experts comments on my issue:
When PF (both Employer&Employee's) contribution is part of CTC, and do we need to reduce basic as per the number of working days present???
If yes, then the employee CTC will be less than what committed....please share your views.....
Employee gets additional amount of LE(Leave Encashment), so the amount first shoud get deducted against the LE when he/she is absent and then the basic should be adjusted.
Your comments and views highly appreciated.
Need experts comments on my issue:
When PF (both Employer&Employee's) contribution is part of CTC, and do we need to reduce basic as per the number of working days present???
If yes, then the employee CTC will be less than what committed....please share your views.....
Employee gets additional amount of LE(Leave Encashment), so the amount first shoud get deducted against the LE when he/she is absent and then the basic should be adjusted.
Your comments and views highly appreciated.
HRA is calucated generally as follows: Actual HRA or Actual - 10% of salay (Basic + DA) or 40% of Salary for non metro cities (50 % for Metro cities) We should take lease of the above 3
Dear Mr. Gaurav
I too not clear about other industry but V D A is fixed Rs. 1307.00 in most of the hotels under Hotel industry Notification No. KAE 13 LMW dated 17.07.03.
upto March'10 it was Rs. 933.00 but April'10 it increased Rs. 374.00
so now total its Rs. 1307.00.
There is no any other calculation for V D A in Hotel Industry [as per my knowledge].
I too not clear about other industry but V D A is fixed Rs. 1307.00 in most of the hotels under Hotel industry Notification No. KAE 13 LMW dated 17.07.03.
upto March'10 it was Rs. 933.00 but April'10 it increased Rs. 374.00
so now total its Rs. 1307.00.
There is no any other calculation for V D A in Hotel Industry [as per my knowledge].
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Listed Under professional services City-India-Calcutta employer contribution senior management cost to company profession tax ctc calculation hospitality industry basic salary uniform allowance washing allowance pf contribution hr policies Country-India
CTC CALCULATION SHEET.xls
