Hi, please help me out to fix the salary components.
Salary Component Breakdown
1. If I keep the basic at 45%, should HRA be set at 45% or 50%?
2. Statutory bonus ranges from 8.33% to 20%. How should I calculate this? Please provide an explanation.
Components of Salary Breakup
I am preparing a salary breakup with the following components:
- Basic
- HRA
- LTA
- Conv
- MED Allowance
- Statutory Bonus (if applicable)
- Special Allowance
Please correct me and guide me regarding the percentage for each component.
From India, Delhi
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Salary Component Breakdown
1. If I keep the basic at 45%, should HRA be set at 45% or 50%?
2. Statutory bonus ranges from 8.33% to 20%. How should I calculate this? Please provide an explanation.
Components of Salary Breakup
I am preparing a salary breakup with the following components:
- Basic
- HRA
- LTA
- Conv
- MED Allowance
- Statutory Bonus (if applicable)
- Special Allowance
Please correct me and guide me regarding the percentage for each component.
From India, Delhi
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Understanding Wages Under the Code on Wages, 2019
As per the definition of the term 'wages' under the Code on Wages, 2019, 50% of the gross should comprise basic, dearness allowance, or retaining allowance as the case may be. When the sum of all other allowances exceeds 50%, the excess amount shall be added to the basic for computational purposes of all indirect monetary benefits of employment.
Based on this formula, you can work out the salary structure comprising the items mentioned.
From India, Salem
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6108As per the definition of the term 'wages' under the Code on Wages, 2019, 50% of the gross should comprise basic, dearness allowance, or retaining allowance as the case may be. When the sum of all other allowances exceeds 50%, the excess amount shall be added to the basic for computational purposes of all indirect monetary benefits of employment.
Based on this formula, you can work out the salary structure comprising the items mentioned.
From India, Salem
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Statutory Compliance of a Industrial or Commercial Unit.xls
Statutory-compl iance.pdf
Statutory Compliance.zip