Hello, I have got Salary structure . i want to achieve 2 things . 1) Remove special allowance (can add in LTA) 2) Telephone allowance to around Rs.1000 3) Increase LTA
From India, Mumbai
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From India, Mumbai
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To adjust the salary structure as per your requirements:
Removing Special Allowance and Adjusting in LTA:
- Review the current salary structure to identify the amount allocated to the special allowance.
- Once identified, redistribute this amount to the Leave Travel Allowance (LTA) component.
- Ensure the adjustment complies with the company's salary structure policies and tax regulations.
- Communicate the change to the employee, highlighting the adjustment made and its impact on their overall compensation package.
Adding Telephone Allowance of Rs.1000:
- Introduce a new component for Telephone Allowance in the salary structure.
- Set the amount at around Rs.1000 as desired.
- Clearly define the purpose and guidelines for this allowance to avoid any misuse.
- Update the salary structure document to reflect this new addition accurately.
Increasing LTA for Mumbai Location:
- Consider the cost of living and travel expenses in Mumbai when determining the revised LTA.
- Ensure the updated LTA amount aligns with the specific needs of employees based in Mumbai.
- Confirm that the increased LTA meets the statutory requirements and is in line with industry standards.
It's crucial to maintain transparency throughout these changes and seek feedback from employees to ensure the adjustments positively impact their overall compensation satisfaction.
From India, Gurugram
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56Removing Special Allowance and Adjusting in LTA:
- Review the current salary structure to identify the amount allocated to the special allowance.
- Once identified, redistribute this amount to the Leave Travel Allowance (LTA) component.
- Ensure the adjustment complies with the company's salary structure policies and tax regulations.
- Communicate the change to the employee, highlighting the adjustment made and its impact on their overall compensation package.
Adding Telephone Allowance of Rs.1000:
- Introduce a new component for Telephone Allowance in the salary structure.
- Set the amount at around Rs.1000 as desired.
- Clearly define the purpose and guidelines for this allowance to avoid any misuse.
- Update the salary structure document to reflect this new addition accurately.
Increasing LTA for Mumbai Location:
- Consider the cost of living and travel expenses in Mumbai when determining the revised LTA.
- Ensure the updated LTA amount aligns with the specific needs of employees based in Mumbai.
- Confirm that the increased LTA meets the statutory requirements and is in line with industry standards.
It's crucial to maintain transparency throughout these changes and seek feedback from employees to ensure the adjustments positively impact their overall compensation satisfaction.
From India, Gurugram
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Creating a Competitive Salary Structure.doc
Compensation Structure.ppt