Hi, I have attached my salary breakup, and I would like to know my in-hand salary. HRs are reluctant to give me a clear answer.
1) Question: Is PF deducted from 4,14,051 (34504 - monthly)? The reason for this question is that in my offer letter, fixed pay has been mentioned with its definition, which says: "This includes Basic Pay and Choice Pay that consists of other allowances, benefits, perquisites, etc., as per the compensation policy of the company."
In retrials 32,103/- yearly - it says: this includes provident fund and gratuity.
2) Question: Choice pay says: Residual Choice pay, is that a variable or fixed component?
From India, Thane
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11) Question: Is PF deducted from 4,14,051 (34504 - monthly)? The reason for this question is that in my offer letter, fixed pay has been mentioned with its definition, which says: "This includes Basic Pay and Choice Pay that consists of other allowances, benefits, perquisites, etc., as per the compensation policy of the company."
In retrials 32,103/- yearly - it says: this includes provident fund and gratuity.
2) Question: Choice pay says: Residual Choice pay, is that a variable or fixed component?
From India, Thane
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Residual Choice Pay is an umbrella concept summing up all the leftover salary components other than the items specified like Basic Pay, Conveyance, Bonus, Incentive, HRA, etc. Residual Pay will cover the other allowances which you can structure yourself looking at the tax liability.
It appears the organization is offering a multiple choice of allowances and also at a variable rate which you can avail as per your choice. The employee's share of PF would be deducted from your gross earnings, and the amount shown as Retiral Benefit would get deposited as the employer's share. You would not be getting it in hand in monthly salary. The Residual Choice Pay is at variable pay, and once you choose a definite amount or %, it would be fixed for that financial year. For instance, you can choose a particular allowance up to 15%; if you have fixed it at 10%, it would remain so until the financial year is over.
From India, Mumbai
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It appears the organization is offering a multiple choice of allowances and also at a variable rate which you can avail as per your choice. The employee's share of PF would be deducted from your gross earnings, and the amount shown as Retiral Benefit would get deposited as the employer's share. You would not be getting it in hand in monthly salary. The Residual Choice Pay is at variable pay, and once you choose a definite amount or %, it would be fixed for that financial year. For instance, you can choose a particular allowance up to 15%; if you have fixed it at 10%, it would remain so until the financial year is over.
From India, Mumbai
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