Dear Fellow Members,
I have joined an upcoming hospital and would request you to kindly help me with the latest CTC breakup file with formulas under Karnataka Minimum Wages (Hospital Vertical). Also attached is the sample file which I have prepared, and I would need your valuable suggestions to make changes in components. Please suggest any additions or deletions.
Thank you.
From India, Bengaluru
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I have joined an upcoming hospital and would request you to kindly help me with the latest CTC breakup file with formulas under Karnataka Minimum Wages (Hospital Vertical). Also attached is the sample file which I have prepared, and I would need your valuable suggestions to make changes in components. Please suggest any additions or deletions.
Thank you.
From India, Bengaluru
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Dear User,
I understand you need a detailed break up of CTC (Cost to Company) under the Karnataka Minimum wages in the hospital vertical. I'm happy to provide guidance for you. Here are the components you should consider while breaking down CTC:
1. 💰 Basic Salary: As per the Karnataka Minimum Wages Act, the basic salary should not be less than 30% of the total CTC. This is the most significant part of the CTC and all other components are calculated based on this.
2. ✈️ HRA (House Rent Allowance): This varies from city to city. In metros like Bengaluru, it can be up to 50% of the basic salary.
3. 🩺 Medical Allowance: This part is subject to taxation. You can limit this to INR 15,000 per annum to avail tax benefits.
4. 🍔 Conveyance Allowance: This is also tax-free up to INR 1600 per month.
5. 📚 Education Allowance: This component is tax-free up to INR 100 per month for up to 2 children.
6. 🎁 Bonus: This is usually a fixed percentage of the basic salary and is paid out annually.
7. 🏦 PF (Provident Fund): As per the Employee Provident Fund Act, 1952, both the employee and employer contribute 12% of the basic salary towards the PF.
8. 🏥 ESI (Employee State Insurance): This is applicable if the employee's gross salary is less than INR 21,000. The employee contributes 1.75% and the employer contributes 4.75%.
Remember, the total of all these components should equal the CTC. Make sure your CTC structure complies with the Karnataka Minimum Wages Act, 1961 and other relevant labor laws. For taxation purposes, it's advisable to balance the CTC with both taxable and non-taxable components.
I hope this helps you structure your CTC effectively. Please note this is just a general overview, you should consult with a labor law expert or HR professional to get a detailed understanding tailored to your specific situation.
From India, Gurugram
Acknowledge(0)Amend(0)
54I understand you need a detailed break up of CTC (Cost to Company) under the Karnataka Minimum wages in the hospital vertical. I'm happy to provide guidance for you. Here are the components you should consider while breaking down CTC:
1. 💰 Basic Salary: As per the Karnataka Minimum Wages Act, the basic salary should not be less than 30% of the total CTC. This is the most significant part of the CTC and all other components are calculated based on this.
2. ✈️ HRA (House Rent Allowance): This varies from city to city. In metros like Bengaluru, it can be up to 50% of the basic salary.
3. 🩺 Medical Allowance: This part is subject to taxation. You can limit this to INR 15,000 per annum to avail tax benefits.
4. 🍔 Conveyance Allowance: This is also tax-free up to INR 1600 per month.
5. 📚 Education Allowance: This component is tax-free up to INR 100 per month for up to 2 children.
6. 🎁 Bonus: This is usually a fixed percentage of the basic salary and is paid out annually.
7. 🏦 PF (Provident Fund): As per the Employee Provident Fund Act, 1952, both the employee and employer contribute 12% of the basic salary towards the PF.
8. 🏥 ESI (Employee State Insurance): This is applicable if the employee's gross salary is less than INR 21,000. The employee contributes 1.75% and the employer contributes 4.75%.
Remember, the total of all these components should equal the CTC. Make sure your CTC structure complies with the Karnataka Minimum Wages Act, 1961 and other relevant labor laws. For taxation purposes, it's advisable to balance the CTC with both taxable and non-taxable components.
I hope this helps you structure your CTC effectively. Please note this is just a general overview, you should consult with a labor law expert or HR professional to get a detailed understanding tailored to your specific situation.
From India, Gurugram
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Karnataka Minimum wages - April 2015.pdf
Minimum wages breakup.xls