Hi,
I hope this helps my friends. Compensation and payroll are my weakest areas, but I hope my friends find the same useful.
Thank you,
Octavious
For various links to my posts, kindly visit the links provided herein below:
https://www.citehr.com/99968-major-hr-links.html
From India, Mumbai
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580I hope this helps my friends. Compensation and payroll are my weakest areas, but I hope my friends find the same useful.
Thank you,
Octavious
For various links to my posts, kindly visit the links provided herein below:
https://www.citehr.com/99968-major-hr-links.html
From India, Mumbai
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Hi Octavious,
You have done a good job in creating the correct formats. The basic salary, which accounts for 59% of the CTC, is on the higher side as industry standards typically range from 45-50%. Additionally, you can consider including tax-free components like meal vouchers from Accor or Sodexo, which are exempted up to Rs 50 per day. I would recommend that you read the Tax manual on components of Salary Heads to gain better insight.
In the Full and Final settlement, it is essential to include the PF deduction on leave encashment (PL/EL) as it is a statutory requirement.
Chak De India!!
Rajat Joshi
From India, Pune
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You have done a good job in creating the correct formats. The basic salary, which accounts for 59% of the CTC, is on the higher side as industry standards typically range from 45-50%. Additionally, you can consider including tax-free components like meal vouchers from Accor or Sodexo, which are exempted up to Rs 50 per day. I would recommend that you read the Tax manual on components of Salary Heads to gain better insight.
In the Full and Final settlement, it is essential to include the PF deduction on leave encashment (PL/EL) as it is a statutory requirement.
Chak De India!!
Rajat Joshi
From India, Pune
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Dear Rajat,
My field of expertise is Strategic HR and Employee Relations. Compensation and Benefits are the last things I would ever deal with, as I am very bad with numbers. The above postings are some materials I collected over a period of time from various sources. I would request if you could download the same and rectify it, as it would help lots of people. I am not the right person to do the same, but from your advice, I believe that you have good and very in-depth knowledge regarding the same.
With Regards,
OCTAVIOUS
From India, Mumbai
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My field of expertise is Strategic HR and Employee Relations. Compensation and Benefits are the last things I would ever deal with, as I am very bad with numbers. The above postings are some materials I collected over a period of time from various sources. I would request if you could download the same and rectify it, as it would help lots of people. I am not the right person to do the same, but from your advice, I believe that you have good and very in-depth knowledge regarding the same.
With Regards,
OCTAVIOUS
From India, Mumbai
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Hi, Thanks for your attachments they were helpful ..can u provide me with some appraisal formats for my sales guys....assessment sheets...... Regards, Muskan
From India, Indore
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From India, Indore
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Dear Octavious,
My field of expertise is Strategic HR and Employee Relations.
Great to know that, and it is enlightening to read your postings as well!
Compensation and Benefits are the last things I would ever deal with, as I am very bad with numbers. The above postings are some material I collected over a period of time from various sources. I would request if you could download the same and rectify it, as it would help lots of people. I am not the right person to do the same, but from your advice, I believe that you have good and very in-depth knowledge regarding the same.
If you ask me frankly, you have done a fairly good job notwithstanding your equations with numbers! :D Guess if one tries sincerely, everything is within reach and becomes savvy as well.
Well, I have attempted to redefine the compensation structure in sheet comp-structure for the salary structure of Rs 2.75 Lacs p.a., which is fairly okay and balances with the FBT and Indian Tax laws. After all, there are two things certain: Death and TAXES!! :) Fuel and entertainment expenses should be kept out of the purview of the structure as they attract FBT. The logic is simple: either the employee pays tax by way of perks or FBT by the company but not both!
Best Regards,
Rajat Joshi
From India, Pune
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My field of expertise is Strategic HR and Employee Relations.
Great to know that, and it is enlightening to read your postings as well!
Compensation and Benefits are the last things I would ever deal with, as I am very bad with numbers. The above postings are some material I collected over a period of time from various sources. I would request if you could download the same and rectify it, as it would help lots of people. I am not the right person to do the same, but from your advice, I believe that you have good and very in-depth knowledge regarding the same.
If you ask me frankly, you have done a fairly good job notwithstanding your equations with numbers! :D Guess if one tries sincerely, everything is within reach and becomes savvy as well.
Well, I have attempted to redefine the compensation structure in sheet comp-structure for the salary structure of Rs 2.75 Lacs p.a., which is fairly okay and balances with the FBT and Indian Tax laws. After all, there are two things certain: Death and TAXES!! :) Fuel and entertainment expenses should be kept out of the purview of the structure as they attract FBT. The logic is simple: either the employee pays tax by way of perks or FBT by the company but not both!
Best Regards,
Rajat Joshi
From India, Pune
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Hi Octavious,
I am really thankful to you for emailing the material with the salary break-up. Even though I am not an expert in compensation management, I was in dire need of information to structure the breakup for 2 lakhs, 1.25 lakhs, 85k, and 70k. I had posted my query, but unfortunately, it was futile as I didn't receive any useful or reasonable responses.
Thanks a lot once again. Keep sharing.
From India
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I am really thankful to you for emailing the material with the salary break-up. Even though I am not an expert in compensation management, I was in dire need of information to structure the breakup for 2 lakhs, 1.25 lakhs, 85k, and 70k. I had posted my query, but unfortunately, it was futile as I didn't receive any useful or reasonable responses.
Thanks a lot once again. Keep sharing.
From India
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Dear All,
Greetings for the day.
I will be thankful to you if anyone responds to me for my query. I want to know about the ESI and PF deductions, as well as the half-yearly and annual returns that are typically handled by most organizations.
Thank you.
From India, Madras
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Greetings for the day.
I will be thankful to you if anyone responds to me for my query. I want to know about the ESI and PF deductions, as well as the half-yearly and annual returns that are typically handled by most organizations.
Thank you.
From India, Madras
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Greetings: Does anybody have a Full and Final Settlement Policy? Please do share one with me as I am in need of one very urgently. Thank you very much in advance. Abdul Rozak
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Can any one help me with a copy of Check list of payroll processing pls. what has to be taken care while processing salary for a month.
From India, Bangalore
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From India, Bangalore
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can yu anyone help me to getting job in HR .prevoiusly i was working due to some health reason i quit the job
From India, Lucknow
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From India, Lucknow
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Hi ,its really a good format.I want to further know that is the prepartion of salary slip is the part of HR activity. Thz
From India, New Delhi
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From India, New Delhi
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Dear OCTAVIUS,
Compensation and benefits is one of my weakest fields as well. Thank you for the attachments; they really helped me a lot. I agree with Rajat's sentiment, "Guess if one tries sincerely, everything is within reach and becomes savvy as well."
Regards,
Shweta.
From India, Mumbai
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Compensation and benefits is one of my weakest fields as well. Thank you for the attachments; they really helped me a lot. I agree with Rajat's sentiment, "Guess if one tries sincerely, everything is within reach and becomes savvy as well."
Regards,
Shweta.
From India, Mumbai
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Hi, I want to know what is Monetary Compliances & Non - Monetary compliances. & Which factors come into that. If I come to know that it will be really helpful me. Thanks. :confused:
From India, Pune
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From India, Pune
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Hi Rajat,
I am from recruitment and training background. Recently my company give me a responsibility liks payroll generation. I am aware of calculating PF, ESI, Bonus, PT
But I don’t have any idea about income tax calculation. How to calculate income tax in coming range salary is their any formula
Pls. suggest me
Kind Regds
TRekha
From India, Delhi
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I am from recruitment and training background. Recently my company give me a responsibility liks payroll generation. I am aware of calculating PF, ESI, Bonus, PT
But I don’t have any idea about income tax calculation. How to calculate income tax in coming range salary is their any formula
Pls. suggest me
Kind Regds
TRekha
From India, Delhi
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Dear Sir/Madam,
This is Amarjeet Singh. Thanks for registering me. Sir, I need a complete salary slip for the marketing & sales department. Please send me the full details of % BASIC, HRA, CONVEYANCE, etc.
Thanks & Regards,
Amarjeet Singh
Contact Number: +91-9990257638
🔟😖🤔
From India, Delhi
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This is Amarjeet Singh. Thanks for registering me. Sir, I need a complete salary slip for the marketing & sales department. Please send me the full details of % BASIC, HRA, CONVEYANCE, etc.
Thanks & Regards,
Amarjeet Singh
Contact Number: +91-9990257638
🔟😖🤔
From India, Delhi
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Hi Octavious,
Really, this is very helpful. Please also tell me, in every (Medium & Large) company, the basic salary is 59% of CTC. Additionally, how much PF and ESI percentage is to be charged?
Hope you can help me with this.
Regards,
Shweta Sharma
From India, Delhi
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Really, this is very helpful. Please also tell me, in every (Medium & Large) company, the basic salary is 59% of CTC. Additionally, how much PF and ESI percentage is to be charged?
Hope you can help me with this.
Regards,
Shweta Sharma
From India, Delhi
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Dear Rajat,
You seem to have immense knowledge on Salary Computation. Kindly enlighten me on the same as I also handle a bit of Salary processing apart from other HR activities. I have newly joined the organization. I am very bad with numbers but as I am handling, developed interest in the same.
You can email me any information about Salary Components & Benefits so that I can increase my knowledge. My email id: bugsbunny3108@gmail.com
Regards,
Bugs Bunny
From India, Mumbai
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You seem to have immense knowledge on Salary Computation. Kindly enlighten me on the same as I also handle a bit of Salary processing apart from other HR activities. I have newly joined the organization. I am very bad with numbers but as I am handling, developed interest in the same.
You can email me any information about Salary Components & Benefits so that I can increase my knowledge. My email id: bugsbunny3108@gmail.com
Regards,
Bugs Bunny
From India, Mumbai
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Hi, This is Mukesh.
I have a query regarding my problem, and I hope all HR personnel will help me. My last company has not cleared my Full and Final settlement. What type of legal action can I take, or how can I clear my Full and Final dues? I left this organization five months ago. Please give me suggestions.
Regards,
Mukesh
From India, Chiplun
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I have a query regarding my problem, and I hope all HR personnel will help me. My last company has not cleared my Full and Final settlement. What type of legal action can I take, or how can I clear my Full and Final dues? I left this organization five months ago. Please give me suggestions.
Regards,
Mukesh
From India, Chiplun
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PMS COmpensation and Benefits.doc
Compensation Structure.ppt