Hi, hope you all are doing well. In my salary, I am getting some amount as a "service weightage," and that is clearly mentioned on my payslip as well. I did some research on the internet regarding this but could not find a proper answer. Can anyone please explain what service weightage is? Is it taxable? How is that amount allocated to every employee?
Regards,
Kandiban
From India, Gandhinagar
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Regards,
Kandiban
From India, Gandhinagar
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Service Weightage and Its Tax Implications
Service Weightage is a component whose value depends on the employee's number of years of service in the organization. For example:
- Below 3 years of service: Rs. 300
- Above 3 years, but below 7 years: Rs. 450
- Above 7 years of service: Rs. 600
Please note that this amount is fully taxable.
From India, Mumbai
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429Service Weightage is a component whose value depends on the employee's number of years of service in the organization. For example:
- Below 3 years of service: Rs. 300
- Above 3 years, but below 7 years: Rs. 450
- Above 7 years of service: Rs. 600
Please note that this amount is fully taxable.
From India, Mumbai
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Normally Basic gets increased for service weightage. There is no separate component as service weightage in payslip as per my exp. Pon
From India, Lucknow
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From India, Lucknow
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Aditya is correct. The service weightage amount is based on the length of service put in by the employee. It will be paid as decided in the LTA. Some organizations include this amount in the basic salary, while some organizations pay it as a separate component.
Regards,
GIRI
From India, Hyderabad
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Regards,
GIRI
From India, Hyderabad
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When are we supposed to pay this service weightage amount? Is it on completion of 1 year along with appraisal amount, or is it paid monthly as a component in the pay? Does this differ from state to state or is it applicable all over India? I want to know the procedure followed in Karnataka. Is it calculated on some percentage basis or a fixed amount as mentioned by a member above.
Please help on an urgent basis! Thank you.
From India,
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Please help on an urgent basis! Thank you.
From India,
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Salary Against Advance - Service Letter.doc
Weightage of 2 years in pensionable service 8.5.2017.pdf