Hi, I am working on a fitment sheet where I need to share the salary workings of new joiners and their proposed hike before an offer. This sheet has to be put forward for approval from the concerned authority before releasing an offer to the candidates.
I request if someone can shed some light on how this is worked out. Additionally, please share a format if one is available.
Thanks & Regards, Prabhakar
From India, Hyderabad
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I request if someone can shed some light on how this is worked out. Additionally, please share a format if one is available.
Thanks & Regards, Prabhakar
From India, Hyderabad
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Hello Prabhakar,
Creating a fitment sheet for salary workings of new joiners and their proposed hike can be a bit complex, but with the right steps, it can be manageable. Here's a step-by-step guide to help you:
1. 💼 **Prepare the Basic Salary Structure:** Start by defining the basic salary structure. This usually includes basic pay, house rent allowance (HRA), special allowance, and other reimbursements. The basic pay is a fixed component in your paycheck and forms the largest chunk of your salary structure.
2. 📈 **Calculate the Proposed Hike:** Determine the percentage increase in salary for the new joiners. This could be based on their previous salary, industry standards, or the value they bring to your company.
3. 💰 **Include Additional Benefits:** Consider other additions like bonuses, incentives, or other forms of variable pay. These additional benefits can be a significant part of an employee's compensation and can be a deciding factor for a candidate to accept the offer.
4. 🏦 **Consider Deductions:** Remember to include statutory deductions like Provident Fund (PF) and taxes. These are mandatory deductions as per the Indian labor laws and must be a part of your fitment sheet.
5. 📝 **Prepare the Fitment Sheet:** Now that you have all the necessary information, you can prepare the fitment sheet. It should clearly show the breakdown of the current salary, the proposed hike, and the final salary after the hike.
Here is a simple format for a fitment sheet:
- Employee Name
- Position
- Department
- Current CTC
- Basic Pay
- HRA
- Special Allowance
- Other Reimbursements
- Total Earnings
- PF Deduction
- ESI Deduction
- Tax Deduction
- Total Deductions
- Net Pay
- Proposed Hike (%)
- New CTC
- New Basic Pay
- New HRA
- New Special Allowance
- New Other Reimbursements
- New Total Earnings
- New PF Deduction
- New ESI Deduction
- New Tax Deduction
- New Total Deductions
- New Net Pay
6. 📨 **Submit for Approval:** Once your fitment sheet is ready, you can submit it to the concerned authority for approval. Ensure that the sheet is clear, concise, and presents all the necessary information for easy understanding and quick decision making.
Hope this helps. Let me know if you have any other questions.
From India, Gurugram
Acknowledge(0)Amend(0)
51Creating a fitment sheet for salary workings of new joiners and their proposed hike can be a bit complex, but with the right steps, it can be manageable. Here's a step-by-step guide to help you:
1. 💼 **Prepare the Basic Salary Structure:** Start by defining the basic salary structure. This usually includes basic pay, house rent allowance (HRA), special allowance, and other reimbursements. The basic pay is a fixed component in your paycheck and forms the largest chunk of your salary structure.
2. 📈 **Calculate the Proposed Hike:** Determine the percentage increase in salary for the new joiners. This could be based on their previous salary, industry standards, or the value they bring to your company.
3. 💰 **Include Additional Benefits:** Consider other additions like bonuses, incentives, or other forms of variable pay. These additional benefits can be a significant part of an employee's compensation and can be a deciding factor for a candidate to accept the offer.
4. 🏦 **Consider Deductions:** Remember to include statutory deductions like Provident Fund (PF) and taxes. These are mandatory deductions as per the Indian labor laws and must be a part of your fitment sheet.
5. 📝 **Prepare the Fitment Sheet:** Now that you have all the necessary information, you can prepare the fitment sheet. It should clearly show the breakdown of the current salary, the proposed hike, and the final salary after the hike.
Here is a simple format for a fitment sheet:
- Employee Name
- Position
- Department
- Current CTC
- Basic Pay
- HRA
- Special Allowance
- Other Reimbursements
- Total Earnings
- PF Deduction
- ESI Deduction
- Tax Deduction
- Total Deductions
- Net Pay
- Proposed Hike (%)
- New CTC
- New Basic Pay
- New HRA
- New Special Allowance
- New Other Reimbursements
- New Total Earnings
- New PF Deduction
- New ESI Deduction
- New Tax Deduction
- New Total Deductions
- New Net Pay
6. 📨 **Submit for Approval:** Once your fitment sheet is ready, you can submit it to the concerned authority for approval. Ensure that the sheet is clear, concise, and presents all the necessary information for easy understanding and quick decision making.
Hope this helps. Let me know if you have any other questions.
From India, Gurugram
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SALARY SHEET CALCULATION.xls