Hi, as per Tamilnadu minimum wage act Rs.10000/- CTC payment is correct or not .? (for trainee programmer ) kindly clarify me
From India, Chennai
8From India, Chennai
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Hi Madhubalan, Minimum wages need to be considered only on Basic and DA not on CTC.
From India, Bangalore
From India, Bangalore
Hi Praveen, as per Tamilnadu minimum wage act Rs.10000/- CTC(Basic 4000/-) payment is correct or not .? (for trainee programmer ) kindly clarify me
From India, Chennai
From India, Chennai
Dear Madhubalan,
CTC is a financial tool reflecting the over all cost per employee per annum and as such includes all pay-outs as well as the monetary value of all benefits given whereas Minimum Wages fixed under the MW Act,1948 is only the sum total of all the components specified therein. When there is difference in the no. of components and their scales between the industry wages and the minimum wages, their parity has to be determined on the basis of the sum total of only those components included in the definition of the term "wages" u/s 2(h) of the MW Act,1948. Therefore, CTC has no relevance in the matter.
From India, Salem
CTC is a financial tool reflecting the over all cost per employee per annum and as such includes all pay-outs as well as the monetary value of all benefits given whereas Minimum Wages fixed under the MW Act,1948 is only the sum total of all the components specified therein. When there is difference in the no. of components and their scales between the industry wages and the minimum wages, their parity has to be determined on the basis of the sum total of only those components included in the definition of the term "wages" u/s 2(h) of the MW Act,1948. Therefore, CTC has no relevance in the matter.
From India, Salem
Tamilnadu Minimum Wages DA - 2017-18 - All Scheduled Employments.pdf