I have formed a new Pvt Ltd company and started operations since Nov-15, 12. The total staff strength is 07, including myself and my brother as Directors. We are primarily involved in fundraising. I wish to know:
Compulsory Benefits and Salary Structure
1. Whether PF/ESI and any other such benefits are compulsory, or if we can provide a flat lump sum salary. If yes, what is the ideal salary structure for employees?
Mandatory Leave Provisions
2. How many CL, sick leaves, medical leaves, etc., are mandatory to provide to staff while operating as a Pvt Ltd company?
From India, Mumbai
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Compulsory Benefits and Salary Structure
1. Whether PF/ESI and any other such benefits are compulsory, or if we can provide a flat lump sum salary. If yes, what is the ideal salary structure for employees?
Mandatory Leave Provisions
2. How many CL, sick leaves, medical leaves, etc., are mandatory to provide to staff while operating as a Pvt Ltd company?
From India, Mumbai
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PF is compulsory when employee strength increases above 20 (soon to become 10) and ESIC when it increases to 10. If you are planning to increase the manpower, then yes, you'll have to register yourself accordingly.
Ideal Salary Structure
There is nothing like an ideal salary structure. Companies form it as per their requirements. You can have components of Gross salary like basic, HRA, medical allowance, conveyance allowance, LTA, special allowance, etc. PF will be calculated on Basic, and ESIC on Gross Salary.
Leave Policy
The minimum leaves you need to give is 1 leave for every 20 days worked. The maximum is at the company's discretion.
From India, Ahmedabad
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207Ideal Salary Structure
There is nothing like an ideal salary structure. Companies form it as per their requirements. You can have components of Gross salary like basic, HRA, medical allowance, conveyance allowance, LTA, special allowance, etc. PF will be calculated on Basic, and ESIC on Gross Salary.
Leave Policy
The minimum leaves you need to give is 1 leave for every 20 days worked. The maximum is at the company's discretion.
From India, Ahmedabad
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Right now, you don't need to apply for PF & ESI. But if you are in the manufacturing sector, then it's mandatory for your safety that you apply for ESI and PF even if your workforce is less than 9.
It's not clear what type of manpower you are using, but you should consider offering a salary that at least meets the minimum wage provisions.
Regards,
Devendra
From India, Pune
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It's not clear what type of manpower you are using, but you should consider offering a salary that at least meets the minimum wage provisions.
Regards,
Devendra
From India, Pune
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Employee Benefits.doc