guys, any base template for industry salary benchmarking?
From India, New Delhi
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From India, New Delhi
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Hi,
The contents of the salary breakup are as follows. You can prepare it according to your own suitability. HRA would be 50 or 60% of basic.
- Basic
- HRA
- CCA: 825/- is exempted from tax
- Other Allowance
- Mobile Reimbursement
- Medical Reimbursement of 1250/month is exempted from tax
Gross Per Month = Sum of all the above.
Gross Per Annum= 12 * Gross/Month
PF Contribution = 12% of Basic/Annum
ESI Contribution = 4.75% of Gross/Annum
Medical = The mediclaim facility provided to employees not covered under ESI, as the maximum ceiling for ESI is 10000/Month. Any amount exceeding this will be covered under Mediclaim or depending on company policy.
EX-Gratia/Bonus = A fixed amount as a Bonus
Annual Fixed Gross Cost = Gross/Annum + Ex-gratia
Annual Total Cost = AFGC + PF + ESIC
Annual total cost is also known as CTC. Apart from this, Food coupons, Holiday packages, and Furnishing items are included in their CTC.
Hope this helps clarify your queries to some extent.
Regards,
Amit Seth.
From India, Ahmadabad
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508The contents of the salary breakup are as follows. You can prepare it according to your own suitability. HRA would be 50 or 60% of basic.
- Basic
- HRA
- CCA: 825/- is exempted from tax
- Other Allowance
- Mobile Reimbursement
- Medical Reimbursement of 1250/month is exempted from tax
Gross Per Month = Sum of all the above.
Gross Per Annum= 12 * Gross/Month
PF Contribution = 12% of Basic/Annum
ESI Contribution = 4.75% of Gross/Annum
Medical = The mediclaim facility provided to employees not covered under ESI, as the maximum ceiling for ESI is 10000/Month. Any amount exceeding this will be covered under Mediclaim or depending on company policy.
EX-Gratia/Bonus = A fixed amount as a Bonus
Annual Fixed Gross Cost = Gross/Annum + Ex-gratia
Annual Total Cost = AFGC + PF + ESIC
Annual total cost is also known as CTC. Apart from this, Food coupons, Holiday packages, and Furnishing items are included in their CTC.
Hope this helps clarify your queries to some extent.
Regards,
Amit Seth.
From India, Ahmadabad
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Salary benchmarking is a comparative analysis of our competitors in the market. The variables taken into consideration include size, nature of business, location, designations, profitability of the business, etc.
Cost to Company (CTC) is a tool that allows us to adjust the salary payable figures. Organizations often include training, work environment, and other intangible benefits as part of the salary package.
The above-mentioned points are just my thoughts.
From India, Bangalore
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Cost to Company (CTC) is a tool that allows us to adjust the salary payable figures. Organizations often include training, work environment, and other intangible benefits as part of the salary package.
The above-mentioned points are just my thoughts.
From India, Bangalore
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Compensation Benchmarking Survey.doc
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