Dear Professionals,
Greetings!!!
Due to current market scenario, my company management is thinking to reduce salary.
Its management's thought that since PF and Gratuity is attacked by basic salary, we should reduce basic.
Pl let me know whether it is legal to reduce basic salary. If yes, what steps / compliance we need to complete.
Pl note that we are paying more than minimum wages and PF is calculated on actual basic. Most of the employees come under staff / officer category.
Thanking you in advance.
Greetings!!!
Due to current market scenario, my company management is thinking to reduce salary.
Its management's thought that since PF and Gratuity is attacked by basic salary, we should reduce basic.
Pl let me know whether it is legal to reduce basic salary. If yes, what steps / compliance we need to complete.
Pl note that we are paying more than minimum wages and PF is calculated on actual basic. Most of the employees come under staff / officer category.
Thanking you in advance.