Hi all,
We want to implement salary breakup for our employees. Please guide me on breaking up the monthly salary into various function like Basic, HRA, TA, Meal coupons PT, PF,TDS… etc.
Thanks in advance.
Agrani
From India, Hyderabad
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We want to implement salary breakup for our employees. Please guide me on breaking up the monthly salary into various function like Basic, HRA, TA, Meal coupons PT, PF,TDS… etc.
Thanks in advance.
Agrani
From India, Hyderabad
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Hi Agrani,
The contents of the salary break up are as follows. You can prepare it as per your convenience. HRA would be 50% or 60% of the basic.
Basic
HRA
TA
Other Allowance
Mobile Reimbursement per Month
Gross Per Month = Sum of all the above.
Gross Per Annum = 12 * Gross/Month
PF Contribution = 12% of Basic/Annum
ESI Contribution = 4.75% of Gross/Annum
Medical = The mediclaim facility is provided to employees who are not covered under ESI as the maximum ceiling for ESI is 10,000/Month. If the amount exceeds this, it will be covered under Mediclaim or as per company policy.
Ex-Gratia/Bonus = A fixed amount as a bonus
Annual Fixed Gross Cost = Gross/Annum + Ex-gratia
Annual Total Cost = AFGC + PF + ESIC
Annual total cost is also known as CTC.
I hope it is clear now. If you have any queries, feel free to ask.
Regards,
Amit Seth.
From India, Ahmadabad
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508The contents of the salary break up are as follows. You can prepare it as per your convenience. HRA would be 50% or 60% of the basic.
Basic
HRA
TA
Other Allowance
Mobile Reimbursement per Month
Gross Per Month = Sum of all the above.
Gross Per Annum = 12 * Gross/Month
PF Contribution = 12% of Basic/Annum
ESI Contribution = 4.75% of Gross/Annum
Medical = The mediclaim facility is provided to employees who are not covered under ESI as the maximum ceiling for ESI is 10,000/Month. If the amount exceeds this, it will be covered under Mediclaim or as per company policy.
Ex-Gratia/Bonus = A fixed amount as a bonus
Annual Fixed Gross Cost = Gross/Annum + Ex-gratia
Annual Total Cost = AFGC + PF + ESIC
Annual total cost is also known as CTC.
I hope it is clear now. If you have any queries, feel free to ask.
Regards,
Amit Seth.
From India, Ahmadabad
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