I am a fresher joining a software firm in a couple of days. The company provided me with this salary structure. Can someone please tell me how good/bad it is? And if possible, also the in-hand salary that I will be getting?
Total Rewards Statement Per Annum (INR)
Basic Salary - 352,000
House Rent Allowance (HRA) - 211,200
Statutory Bonus - 29,322
Flexi Basket - 157,238
{Refreshment Allowance 13,200
LTA 29,333}
Special Allowance Balancing Figure
Total Fixed Salary - 749,760
Target Variable Pay (at 100%) - 88,000
Retirals
Provident Fund (Employer’s contribution) - 42,240
Gratuity - 16,931
Cost to Company - 896,931
* Performance Bonus at end of 1st Year - 120,000
Cost to Company - 1,016,931
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Total Rewards Statement Per Annum (INR)
Basic Salary - 352,000
House Rent Allowance (HRA) - 211,200
Statutory Bonus - 29,322
Flexi Basket - 157,238
{Refreshment Allowance 13,200
LTA 29,333}
Special Allowance Balancing Figure
Total Fixed Salary - 749,760
Target Variable Pay (at 100%) - 88,000
Retirals
Provident Fund (Employer’s contribution) - 42,240
Gratuity - 16,931
Cost to Company - 896,931
* Performance Bonus at end of 1st Year - 120,000
Cost to Company - 1,016,931
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This breakup is right. If you are comparing it against your present salary, then compare new fixed pay vs new fixed pay. Variable pay is usually subject to the achievement of set KPIs/Appraisal parameters.
What I understand in this salary breakup is Rs 208,000 is your variable pay, which you will get only after 100% performance achievement.
From India, Pune
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What I understand in this salary breakup is Rs 208,000 is your variable pay, which you will get only after 100% performance achievement.
From India, Pune
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Can someone also give me a rough estimate of the in hand salary after tax deduction that i will be getting?
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It's always better to clarify with the new HR Manager the exact amount of the salary they are offering, rather than making assumptions or calculations. By doing this, you can be sure and build trust. As far as I know, the monthly take-home pay after deducting income tax should be approximately Rs 62,500 (+/- 3%).
From India, Pune
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From India, Pune
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