We have declared a pay compensation for a role as follows,
Total Annual Compensation Calculation (without profit sharing):
- Base Salary: INR 13.00 lakh
- Bonus: INR 1.30 lakh
- PF/Term Life Insurance: INR 0.65 lakh
- Health Insurance: INR 0.50 lakh (estimated)
- Housing Allowance: INR 0.65 lakh
- Vehicle Allowance: INR 0.35 lakh
- Club and Networking Membership: INR 0.10 lakh
- Gym Membership: INR 0.10 lakh
- Educational Sponsorship: INR 0.35 lakh
- Fixed Total Annual Compensation (without profit sharing): INR 17.00 lakhs
I want to structure it properly to get the proper monthly salary.
From India, Coimbatore
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Total Annual Compensation Calculation (without profit sharing):
- Base Salary: INR 13.00 lakh
- Bonus: INR 1.30 lakh
- PF/Term Life Insurance: INR 0.65 lakh
- Health Insurance: INR 0.50 lakh (estimated)
- Housing Allowance: INR 0.65 lakh
- Vehicle Allowance: INR 0.35 lakh
- Club and Networking Membership: INR 0.10 lakh
- Gym Membership: INR 0.10 lakh
- Educational Sponsorship: INR 0.35 lakh
- Fixed Total Annual Compensation (without profit sharing): INR 17.00 lakhs
I want to structure it properly to get the proper monthly salary.
From India, Coimbatore
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Hi Hemarekha-V,
Here's a structured breakdown of the provided compensation package:
Base Salary: INR 13.00 lakh per year
Additional Benefits:
- Bonus: INR 1.30 lakh per year
- PF/Term Life Insurance: INR 0.65 lakh per year
- Health Insurance: INR 0.50 lakh per year (estimated)
- Housing Allowance: INR 0.65 lakh per year
- Vehicle Allowance: INR 0.35 lakh per year
- Club and Networking Membership: INR 0.10 lakh per year
- Gym Membership: INR 0.10 lakh per year
- Educational Sponsorship: INR 0.35 lakh per year
Total Fixed Annual Compensation (without profit sharing): INR 17.00 lakhs
To calculate the monthly salary, add up the base salary and the yearly benefits, then divide by 12:
Total monthly salary = (Base Salary + Bonus + PF/Term Life Insurance + Health Insurance + Housing Allowance + Vehicle Allowance + Club and Networking Membership + Gym Membership + Educational Sponsorship) / 12
Total monthly salary = (13.00 + 1.30 + 0.65 + 0.50 + 0.65 + 0.35 + 0.10 + 0.10 + 0.35) / 12
Total monthly salary = INR (17.00 lakhs / 12)
Total monthly salary = INR 1.4166667 lakhs
Rounded to the nearest whole number, the monthly salary would be approximately INR 1,42,000.
Thanks
From India, Bangalore
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202Here's a structured breakdown of the provided compensation package:
Base Salary: INR 13.00 lakh per year
Additional Benefits:
- Bonus: INR 1.30 lakh per year
- PF/Term Life Insurance: INR 0.65 lakh per year
- Health Insurance: INR 0.50 lakh per year (estimated)
- Housing Allowance: INR 0.65 lakh per year
- Vehicle Allowance: INR 0.35 lakh per year
- Club and Networking Membership: INR 0.10 lakh per year
- Gym Membership: INR 0.10 lakh per year
- Educational Sponsorship: INR 0.35 lakh per year
Total Fixed Annual Compensation (without profit sharing): INR 17.00 lakhs
To calculate the monthly salary, add up the base salary and the yearly benefits, then divide by 12:
Total monthly salary = (Base Salary + Bonus + PF/Term Life Insurance + Health Insurance + Housing Allowance + Vehicle Allowance + Club and Networking Membership + Gym Membership + Educational Sponsorship) / 12
Total monthly salary = (13.00 + 1.30 + 0.65 + 0.50 + 0.65 + 0.35 + 0.10 + 0.10 + 0.35) / 12
Total monthly salary = INR (17.00 lakhs / 12)
Total monthly salary = INR 1.4166667 lakhs
Rounded to the nearest whole number, the monthly salary would be approximately INR 1,42,000.
Thanks
From India, Bangalore
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Creating a Competitive Salary Structure.doc
Compensation Structure.ppt