Need Help Spotting Errors in My CTC Salary Excel Sheet – Can You Review It?

I have attached a sample CTC salary Excel sheet. Could you please review it and let me know if there are any errors? Here is my personal email id: [Email Removed For Privacy Reasons]. Kindly send me the correct CTC break-up sample.

Thank you.

Regards,

I have made some changes and highlighted them for you. It seems you have not considered LWF; I am not sure if it is applicable to you. Also, ESIC formulas should always be rounded up and not just rounded. I hope this information helps.

I have attached a salary break template in the past. Please see if you can find it.

Thank you.

Regards

The format you provided is called the CTC. Are there any other formats available? Could you also provide me with the CTC breakup, please?

Thank you.

Regards

Minimum Wages Act Overview

The Minimum Wages Act contains three slabs where employees are divided into:

1. Skilled
2. Semi-Skilled
3. Unskilled

Even the Minimum Wages Act varies from state to state and also based on the type of industry/company that is registered under Shops and Establishments. You can directly get those details from the internet.

When discussing the basic pay, the ultimate decision is taken by the company without crossing the minimum wages act.

Example Salary Structure

The structure of the salary can be like this (example):

- Basic salary: Rs X/- (kindly consider every Rs X/- as basic salary)
- HRA: Rs X/- * 40% (based on the company's discretion)
- Professional Development Allowance: Rs X/- * 20%
- Local Conveyance Allowance: Rs X/- * 10%
- Medical Allowance: Rs X/- * 10%
- Leave Travel Allowance: Rs X/- * 10%
- Employee PF Contribution: Rs X/- * 12%
- Company CTC: Rs X/- * 202% {Performance pay or bonus or variable pay: Rs X/- 100% (this is optional based on the industry)}

Deductions

- Employee PF Contribution: Rs X/- * 12%
- Employer PF Contribution: Rs X/- * 12%
- ESI (optional based on manpower or availability of ESI dispensary): Rs X/- * 4.75%
- Gratuity (optional): Rs X/- * 5%