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In the past we used to issue the letter with the Basic, HRA, Medical, LTA and additional, now our management has changed the Basic component as consolidated salary and the remaining break up is same, can we change like this.
From India, Hyderabad
The salary structure can have any no.of pay elements in it, depending on company policy. However, general practice is to break it up in Basic, HRA, LTA, medical ,etc, due to potential tax savings.
Even Basic & Consolidated pay i.e. only 2 elemets are OK in a salary breakup. However, the Basic pay cannot not be reduced from earlier, as it is not permitted under EPF Act.

From India, Mumbai
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