Designing a Salary Structure for a Small Financial Services Firm: Any Tips?

Hi friends,

I am working for a small-sized financial services organization. It is only a 2-year-old organization with 10 employees presently. I need to design a salary structure. Please help.

Thanks

Hi Ekta,

Designing a salary structure is pretty simple and demands just a small calculation - put a certain percentage as basic salary, then dearness allowance and the remaining as house rent allowance or something relevant. For example, 10,000 can be broken down to 80:15:5.

Hope this is what you were looking for.

Anish

Dear Ekta,

Greetings for the day!!!

Please check the below-mentioned percentages for designing a salary structure:
- Basic = 50% of the salary
- HRA = 50% of the Basic salary
- Conveyance = $800 per month
- Education = It is based on employee grade
- Performance commission = to balance off the gross
You can include Special allowance in your salary structure, and PF goes optional if your basic salary is equal to or more than $6500. In such cases, it is at the discretion of the company to deduct the PF or not, as PF contribution includes an equal part from the company side.

Hi Ekta,

Herewith, I have attached an Annexure copy (Salary Structure). Here, you can add or delete salary components as per your company's requirements.

I hope this will be more beneficial.

Thank you.