Hi all,
Please tell me how to calculate yearly increments and if there is any percentage involved. How do I include that increment amount in the existing salary structure? My manager has asked me to prepare increment details. Our current salary structure comprises Basic+DA+HRA+Con+Med. Please help.
From India, Madras
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12Please tell me how to calculate yearly increments and if there is any percentage involved. How do I include that increment amount in the existing salary structure? My manager has asked me to prepare increment details. Our current salary structure comprises Basic+DA+HRA+Con+Med. Please help.
From India, Madras
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Hi Kanaka,
First, there is no defined percentage for increments. It depends on the performance of an employee. Still, you can check the industry standards and work out your own generic percentages.
As for the formula, you need to increase only the Basic Salary. DA, HRA, and medical are normally a certain percentage of the Basic Salary, which will automatically increase along with the Basic.
The conveyance has to be paid according to the fuel prices. In case you pay a monthly fixed conveyance, increase the same whenever there is a substantial increase in the fuel charges to the nearest round figure percentage.
From India, Ahmadabad
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First, there is no defined percentage for increments. It depends on the performance of an employee. Still, you can check the industry standards and work out your own generic percentages.
As for the formula, you need to increase only the Basic Salary. DA, HRA, and medical are normally a certain percentage of the Basic Salary, which will automatically increase along with the Basic.
The conveyance has to be paid according to the fuel prices. In case you pay a monthly fixed conveyance, increase the same whenever there is a substantial increase in the fuel charges to the nearest round figure percentage.
From India, Ahmadabad
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Dear Ajmal Thank you very much for your information and also I posted about branch audit in format column. If you have any idea please let me know. Thanks M Kanthaswami
From India, Madras
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From India, Madras
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Please ignore my previous letter.
My company asked me to audit the factory/branch. I would like to know how to audit the branch. Are there any specific formats to follow? Additionally, I would appreciate guidance on preparing an audit report for management.
From India, Madras
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My company asked me to audit the factory/branch. I would like to know how to audit the branch. Are there any specific formats to follow? Additionally, I would appreciate guidance on preparing an audit report for management.
From India, Madras
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Hi Kanaka,
The audit has to be defined for each company separately as the business processes are different for each industry type. Basically, you will need to conduct audits on the following departments within the branch. You need to prepare formats and checklists for each of these separately:
1. Accounts: Ensure proper documentation, bank and cash reconciliation, and that all payments are properly authorized.
2. Employee records: Maintain attendance registers, leave records, applications, etc., properly.
3. Stock register: Cross-check with the actual stock.
4. Stocktaking of official furniture/assets: Compare with the actual stock and check the conditions as well.
5. Official Documents: Check for the latest licenses from the Municipal Corporation/shops and establishment department, insurance, etc.
6. All other business-related files: Check customer files, contract files, vendor files, etc., to see if the company standards/policies are followed in the contracts.
I have listed just a few; you can add more depending on the functions your branches perform.
For every audit, you will need to have a different format and checklists to ensure that none of the items is missed when an auditor conducts the audit.
From India, Ahmadabad
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The audit has to be defined for each company separately as the business processes are different for each industry type. Basically, you will need to conduct audits on the following departments within the branch. You need to prepare formats and checklists for each of these separately:
1. Accounts: Ensure proper documentation, bank and cash reconciliation, and that all payments are properly authorized.
2. Employee records: Maintain attendance registers, leave records, applications, etc., properly.
3. Stock register: Cross-check with the actual stock.
4. Stocktaking of official furniture/assets: Compare with the actual stock and check the conditions as well.
5. Official Documents: Check for the latest licenses from the Municipal Corporation/shops and establishment department, insurance, etc.
6. All other business-related files: Check customer files, contract files, vendor files, etc., to see if the company standards/policies are followed in the contracts.
I have listed just a few; you can add more depending on the functions your branches perform.
For every audit, you will need to have a different format and checklists to ensure that none of the items is missed when an auditor conducts the audit.
From India, Ahmadabad
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Hi Kanaga,
If an increment of Rs.500/- is given to the employee, you can create a formula where 50% of the increment amount, which is Rs. 250, can be allocated to the basic and 25% to the conveyance allowance, with the remaining 15% and 10% distributed accordingly for DA or FDA as per government regulations.
It's important to note that these percentages may vary from one industry to another.
Regards,
Murali
From India, Madras
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If an increment of Rs.500/- is given to the employee, you can create a formula where 50% of the increment amount, which is Rs. 250, can be allocated to the basic and 25% to the conveyance allowance, with the remaining 15% and 10% distributed accordingly for DA or FDA as per government regulations.
It's important to note that these percentages may vary from one industry to another.
Regards,
Murali
From India, Madras
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SALARY SHEET CALCULATION.xls
Salary calculation.doc