Currently, the organization still follows a very simple salary structure. With employee salary hikes, it becomes imperative for the company to introduce a tax-friendly structure. Please suggest an ideal salary structure to ensure maximum tax savings for employees.
From India, Thane
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From India, Thane
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Here are my suggestions:
Limit the basic salary to 30-35% of the total package. Additionally, consider introducing the following components if they have not already been included:
1. HRA (House Rent Allowance)
2. Conveyance Allowance
3. Children Education Allowance
4. EPF (Employee Provident Fund)
5. Medical Reimbursement
6. Leave Travel Allowance
7. Medical Insurance
8. Meal Card
These additions can enhance the overall benefits package for employees. Thank you for considering these recommendations.
From India, Bangalore
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202Limit the basic salary to 30-35% of the total package. Additionally, consider introducing the following components if they have not already been included:
1. HRA (House Rent Allowance)
2. Conveyance Allowance
3. Children Education Allowance
4. EPF (Employee Provident Fund)
5. Medical Reimbursement
6. Leave Travel Allowance
7. Medical Insurance
8. Meal Card
These additions can enhance the overall benefits package for employees. Thank you for considering these recommendations.
From India, Bangalore
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Employee Benefits.doc