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:

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 3 columns. One for Salary Structure, another for Actual Payment Column, and the last for deductions column. On the top of the 3 columns, you can give the company name, address, Employee Code, Employee Name, Designation, Fathers' Name, DOJ, Employment Status, etc. Below the 3 columns, Nett Pay on the right side. Number of working days, Number of days worked, Number of days leave granted, LOP on the left side. Bottom left "Manager's Signature" and Bottom right "Employee's Signature." I hope you can virtually bring the image in your mind of what I have described and can implement on paper.

RJ

Hi Ashish,

1. Why is there no ESIC applicable to you? Your gross is less than 15000.
2. 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.
3. 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.

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.

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, if we should give the performance bonus on a monthly basis or annually basis, 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