Is their any changes in the fixed salary components for employees salary such as HRA, Special Allowances?
I work for a startup and take care of HR. Since this is my first time in a startup and along with other task i take care of HR tasks as well due to experience in HR. how can i be updated on the changes or information a HR should have a track of.
3rd April 2018 From India, Gurgaon
Yes sir.
Basic pay to that cadre. +Variable Dearness Allowance (VDA)
+HOuse Rent Allowance (hra)
+Fixed travelling Allowance(FTA)
+Monthly Medical expenses.
=Are totally combined as salary components.
These components like FTA .HRA .M.M.E ARE NOT ADDED BY ALL COMPANIES.For their employees.
SOME GIVE FTA ..NO HRA..SOME GIVE MONTHLY MEDICAL EXPENSES SOME DONOT.
BUT BASIC PAY AND V.D.A EXCLUSIVELY COMPULSORY.
GENERALLY AS PER MINIMUM WAGES ACT BASIC PAY +VDA=SALARY OF THE WORKER EITHER MONTHLY WEEKLY OR DAILY...THE TWO COMPONENTS ARE COMPULSORY (B.P+VDA)
Providing welfare of the employee depends upon profits and good generosity of the management of the company that automatically increases Reputation of the company in the public.
Next comes monthly deductions.
E.P.F....ESI...DEDUCTIONS SHOULD BE MADE FROM THE SALARY AS PER EMPLOYEE'S FIXED CONTRIBUTION RATES...AND MATCHING CONTRIBUTION S SHOULD ALSO BE PAID TO THE ABOVE EPF ESI AS EMPLOYER'S CONTRIBUTION.
Total only payments by the company to a worker is called as GROSS N SALARY
CUTTINGS LIKE ESI EPF FROM THE SALARY IS KNOWN AS MONTHLY DEDUCTIONS.
GROSS SALARY MINUS MONTHLY DEDUCTIONS
COMES NET SALARY OF THE EMPLOYEE.
6th April 2018 From India, Nellore
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