Hi Indu,
I am not sure if you have been asked to prepare a standard template that fits all the positions in your organization. I am not sure if such a template is possible.
Depending upon the case, you can play a lot with the fringe benefits. Fringe benefits remains taxable but not to the extent as salary components.
I can only suggest you the right approach to follow. I will have to do some homework to suggest you the necessary components but for now, i can definitely help you with the philosophy that you should follow to arrive at a pay structure.
DEVISE THE STRUCTURE IN A MANNER SUCH THAT THE TAX LIABILITY ON THE EMPLOYEES IS MINIMIZED.
You can now implement the concept of basket of allowance to give flexibility to the employees. It is generally called "special allowance" and employees are free to play with the basket components depending upon their requirements and also how much would they want to take home.
Hope this is some help.
regards,
Pseudonym-Gopikishan :-)
I am not sure if you have been asked to prepare a standard template that fits all the positions in your organization. I am not sure if such a template is possible.
Depending upon the case, you can play a lot with the fringe benefits. Fringe benefits remains taxable but not to the extent as salary components.
I can only suggest you the right approach to follow. I will have to do some homework to suggest you the necessary components but for now, i can definitely help you with the philosophy that you should follow to arrive at a pay structure.
DEVISE THE STRUCTURE IN A MANNER SUCH THAT THE TAX LIABILITY ON THE EMPLOYEES IS MINIMIZED.
You can now implement the concept of basket of allowance to give flexibility to the employees. It is generally called "special allowance" and employees are free to play with the basket components depending upon their requirements and also how much would they want to take home.
Hope this is some help.
regards,
Pseudonym-Gopikishan :-)