Understanding Salary Components
There is no rule for basic salary and other components of salary other than what is provided under the Minimum Wages Act. What is to be ensured is that the total salary, with whatever bifurcations you give, should not be less than the Basic and DA as fixed by the government for the scheduled employment. Over and above the notified minimum wages, whatever you give is as per company policy and according to agreement or settlement only. You are free to give it under any head.
From India, Kannur
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4535There is no rule for basic salary and other components of salary other than what is provided under the Minimum Wages Act. What is to be ensured is that the total salary, with whatever bifurcations you give, should not be less than the Basic and DA as fixed by the government for the scheduled employment. Over and above the notified minimum wages, whatever you give is as per company policy and according to agreement or settlement only. You are free to give it under any head.
From India, Kannur
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