Is My Salary Slip Format Correct? Seeking Feedback and Suggestions for Improvement

Dear All, I would appreciate it if anyone could help me out. Here, I am attaching a salary slip format. Please go through it and let me know whether the components are correct or not, or suggest any modifications that may be needed.

Salary Slip

Pay Date
June 7, 2010

Employee ID

Employee Name

Employee Address

Pay Period
From May 1, 2010
To May 31, 2010

Deductions

- Basic Salary: Rs. 10,000
- Leave Deductions: Rs. 5,000
- HRA: Rs. 5,000
- Others (if any)

Allowances

- Conveyance: Rs. 800
- TDS: Rs. 500
- Medical: Rs. 1,200
- Cess on TDS: Rs. 15
- Bonus
- Leave Encashment
- Misc: Rs. 16,000
- Adjustment (if any)

Total
Rs. 32,485

Leave Head

- Leaves Accrued
- Leaves Taken
- Leaves Cashed
- Leaves Balance

- Casual Leave
- LWP
- Others

Authorized Signatory

Thanks & Regards,
Manya

Sorry, guys, it's not clear. Following are the components:

Components:

- Basic Salary
- HRA
- Allowances:
- Conveyance
- Medical
- Bonus
- Leave encashment
- Misc
- Adjustments (if any)

Deductions:

- TDS
- Cess on TDS
- Authorized Signatory

Please confirm if the components are correct, or if I should modify something else. Waiting for kind replies.

Thanks & Regards,
Manya

Please find the payslip format.

Regards,
Manya

In that payslip, the date is missing. I think the signature of the employee is also needed.

Regards,
Pragadeesh
[Phone Number Removed For Privacy Reasons]

Basically, it's fine. There is no need for an employee's signature as it may not be practical. You may include the date of joining and leave balance details (if applicable).

Thank you.

Dear Manya,

Body of the Salary Slip: Assume the salary slip size is half a page. In that, put three columns. One for the Salary Structure, another for the Actual Payment Column, and the last for the Deductions Column. On the top of the three columns, you can include the company name, address, Employee Code, Employee Name, Designation, Father's Name, DOJ, Employment Status, etc. Below the three columns, place the Nett Pay on the right side. Include the Number of Working Days, Number of Days Worked, Number of Days Leave Granted, and LOP on the left side. At the bottom left, include "Manager's Signature" and at the bottom right, "Employee's Signature." I hope you can virtually envision the image I have described and can implement it on paper.

Regards,
RJ

Hi Ashish, why is there no ESIC applicable to you? Your gross is less than 15,000.

Annual Performance Recognition

Annual Performance Recognition is significant; it's almost 25% of your CTC. You need to consider this because, at the end of the year, the company may inform you that your yearly performance is not up to the mark, and therefore, you are not eligible for it. Make this point clear.

Accepting the Offer

Accepting this offer depends on how much you are currently earning. If you are earning less than 7 to 8K, then it's okay. Otherwise, this is very risky.

As far as the format is concerned, only ESIC is missing, which will further reduce your take-home pay by approximately Rs. 750.

Regards,

Thank you, Farhan, for the new format, but I need to know if my components are correct. Could you please help me out?

Thank you and regards,
Kitty

Hey Abhishek, thanks a lot for your prompt response. See, as such, there is no structure, but yes, we give salaries according to the number of days, and TDS deductions would be there.

Salary Structure

Now, we are planning to provide the salary slips to the employees. For that, we need a good format. As such, the structure is like:

- Basic Salary
- HRA
- Allowances:
- Medical
- Conveyance
- Special

After that, we are planning for a performance bonus, which would be provided annually to the employees, say, 5% of CTC. Then, a Loyalty Bonus, which again would be provided annually to the employees, 5% of CTC.

Deductions

We don't have deductions in the structure like PF, ESI, etc., but yes, we deduct TDS and give them adjustments according to their tax-saving plans and all.

Now, my question arises, should we give the performance bonus on a monthly basis or annually, as we are an IT company? And, as I discussed a salary format above, just wanted to confirm if Leave Encashment is the right component in the salary slip.

Looking forward to hearing from you.

Thanks & Regards,
Kitty

Could you please provide me with the format of the salary slip instead of the details? I would appreciate it if you could take care of this.

Thanks & Regards,
Manya/Kitty