Dear Anjali,
“Payrol and compensation” refers to the administration of employees' salaries, wages, bonuses, net pay and deductions.
It consist of ,employee ID, employee name, date of joining, daily attendance record, basic salary, allowances, overtime pay, bonus, commissions, incentives, pay for holidays, vacations and sickness, value of meals and lodging etc. There are some deductions such as PF, taxes, loans, installments or advances taken by employee.
“Payroll and compensation” is administered on monthly basis and annual basis.
Payroll on monthly basis.
While administrating the monthly payroll basic salary, HRA, conveyance, and other special allowances such mobile, etc are considered. There are some deductions like PF, LOANS/ADVANCES.
Payroll on Annual Basis
Annual payroll consists of leave travel allowances, incentives, annual bonuses and reimbursements.
So you can prepare your project on BREAKUP OF EMPLOYEES AT VARIOUS LEVELS. For example , u can prepare ONE BREAKUP FOR JUNIOR LEVEL, 2-3 DIFFERENT BREAKUPS FOR MIDDLE LEVEL AND SENIOR LEVELS.