I am a fresher joining a software firm in a couple of days. The company provided me with this salary structure can someone please tell how good/bad it is. And if possible also the in hand salary that I will be getting?
TOTAL REWARDS STATEMENT PER ANNUM (INR)
Basic Salary -352,000
House Rent Allowance (HRA)- 211,200
Statutory Bonus- 29,322
Flexi Basket -157,238
{Refreshment Allowance 13,200
LTA 29,333}
Special Allowance Balancing Figure
TOTAL FIXED SALARY -749,760
Target Variable Pay (at 100%)- 88,000
RETIRALS
Provident Fund (Employer’s contribution)- 42,240
Gratuity -16,931
COST TO COMPANY -896,931
* Performance Bonus at end of 1st Year- 120,000
COST TO COMPANY -1,016,931
TOTAL REWARDS STATEMENT PER ANNUM (INR)
Basic Salary -352,000
House Rent Allowance (HRA)- 211,200
Statutory Bonus- 29,322
Flexi Basket -157,238
{Refreshment Allowance 13,200
LTA 29,333}
Special Allowance Balancing Figure
TOTAL FIXED SALARY -749,760
Target Variable Pay (at 100%)- 88,000
RETIRALS
Provident Fund (Employer’s contribution)- 42,240
Gratuity -16,931
COST TO COMPANY -896,931
* Performance Bonus at end of 1st Year- 120,000
COST TO COMPANY -1,016,931
This break-up is right.
If you are compering it against your present salary, then compare new fix pay vs new fix pay. Variable pay are usually subject to achievement of set KPI's/Appraisal parameters..
What i understand in this salary break-up Rs 208000 is your variable pay which you will get only after 100% performance achievement.
From India, Pune
If you are compering it against your present salary, then compare new fix pay vs new fix pay. Variable pay are usually subject to achievement of set KPI's/Appraisal parameters..
What i understand in this salary break-up Rs 208000 is your variable pay which you will get only after 100% performance achievement.
From India, Pune
Can someone also give me a rough estimate of the in hand salary after tax deduction that i will be getting?
Its always better to get it clear from the new HR Manager to how much in hand salary they are offering rather than assuming or calculating any number. By doing this you are assured and you get trust. To my knowledge the monthly take home amount after deducting income tax should be around Rs 62,500 (+/- 3%)
From India, Pune
From India, Pune
Creating a Competitive Salary Structure.doc
Salary Structure.zip