How Do We Set Up Salary Bands and Grades for a New Company Following Standards?

Dear Seniors/Team Members, Greetings! Please guide us in the preparation of salary bands and grades for the new establishment as per norms and standards.

With such minimal details, salary bands and grades cannot be calculated. Much more information on the nature of the industry, financial capacity, existing pay data of other units in the same industry, as well as in the same locality, financial viability of the unit, manpower distribution, skill level, future prospects, etc., are needed.

Minimum Wages Act and Salary Structure

The Minimum Wages Act and notifications pertaining to various employment categories already exist as a basic guide to follow for wage calculations. Please refer to these guidelines, and based on various competencies and appointments, you can create a CTC structure for each employment grade. Above the minimum wages, salaries can be calculated, including various allowances to fit into your salary bands.