What is the standard date to make salary payment every month whether it’s 30 days or 31 days? And on what basis the salary gets deducted for absence?
From India, Gurgaon
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10From India, Gurgaon
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The salary statement is prepared based on the wage month. It varies from organization to organization. Very commonly used is from the 25th of the previous month to the 24th of the present month, or from the 28th to the 27th, etc., depending on the size of the workforce. Most organizations don't make the calendar month the wage month as there would then hardly be any time left for preparing the wage bill and disbursement. The number of working days could be 27/26 in normal months and for February, it could be 25 or 24, as is the case. So, depending on the total number of working days in which the employee is present out of the total working days in the month, proportionate salary is payable.
From India, Mumbai
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From India, Mumbai
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Wage month consists of 26 or 27 days, excluding the weekly off. If employees work on their weekly off days, then it counts as overtime.
Salary is calculated based on the wage month. The formula is: Salary amount ÷ working days in a month = per day salary. Therefore, per day salary x workdays present = salary earned. Net salary is calculated as: salary earned - statutory deductions & other deductions.
I hope this explanation helps. For further assistance, you can reach me at bijay.majum@gmail.com for payroll management outsourcing.
From India, Vadodara
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Salary is calculated based on the wage month. The formula is: Salary amount ÷ working days in a month = per day salary. Therefore, per day salary x workdays present = salary earned. Net salary is calculated as: salary earned - statutory deductions & other deductions.
I hope this explanation helps. For further assistance, you can reach me at bijay.majum@gmail.com for payroll management outsourcing.
From India, Vadodara
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Dear colleague,
If your wage period is monthly and your employees are monthly-rated, then weekly off days are paid days. If you pay/deposit by bank transfer on the last day of the month or on the 1st of the next month, it does not matter whether a month consists of 30, 31, 28, or 29 days.
Regards,
Vinayak Nagarkar
HR and Employee Relations Consultant
From India, Mumbai
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If your wage period is monthly and your employees are monthly-rated, then weekly off days are paid days. If you pay/deposit by bank transfer on the last day of the month or on the 1st of the next month, it does not matter whether a month consists of 30, 31, 28, or 29 days.
Regards,
Vinayak Nagarkar
HR and Employee Relations Consultant
From India, Mumbai
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The standard date to issue salary should not exceed the 5th day of the month, as many people depend on their monthly allowances regardless of the day of the month. There should not be a time-bound barrier for salary deductions; it should be solely based on completing the total working hours, the amount of hard work, and any overtime.
Regards, Pooja Singh, 8588885535, Education Consultant at NMIMS Distance Learning Programs in Management Studies
From India, Gurgaon
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Regards, Pooja Singh, 8588885535, Education Consultant at NMIMS Distance Learning Programs in Management Studies
From India, Gurgaon
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Dear colleague,
As per the amended Payment of Wages Act, the wages for employees earning up to Rs 24,000 per month are to be paid on or before the 7th day from the end of the wage period if the employee count is 1000, and on or before the 10th day if the employee count exceeds 1000. Typically, factory workers who are paid on a daily rate are compensated in accordance with the aforementioned legal provisions.
However, for monthly-rated staff employed in commercial establishments, salaries are disbursed on the last day of the month or on the 1st of the next month.
Regards,
Vinayak Nagarkar
HR and Employee Relations Consultant
From India, Mumbai
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As per the amended Payment of Wages Act, the wages for employees earning up to Rs 24,000 per month are to be paid on or before the 7th day from the end of the wage period if the employee count is 1000, and on or before the 10th day if the employee count exceeds 1000. Typically, factory workers who are paid on a daily rate are compensated in accordance with the aforementioned legal provisions.
However, for monthly-rated staff employed in commercial establishments, salaries are disbursed on the last day of the month or on the 1st of the next month.
Regards,
Vinayak Nagarkar
HR and Employee Relations Consultant
From India, Mumbai
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The standard date for salary payment can vary depending on the country, industry, and specific company policies. In many countries, employers are required to pay their employees on a specific date or within a specific time frame, such as bi-weekly or monthly.
In the United States, for example, the standard date for salary payment is typically the 15th and the last day of the month, or on the nearest business day if the regular pay date falls on a weekend or holiday. However, some companies may have their own specific pay schedules, such as every two weeks or twice a month.
In other countries, such as India, the standard date for salary payment is typically the last day of the month or the 7th of the following month, although this can vary depending on the industry and company policies.
It's important for both employers and employees to be aware of their company's policies regarding salary payment and to adhere to any legal requirements set forth by their country's labor laws.
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From India, Doiwala
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In the United States, for example, the standard date for salary payment is typically the 15th and the last day of the month, or on the nearest business day if the regular pay date falls on a weekend or holiday. However, some companies may have their own specific pay schedules, such as every two weeks or twice a month.
In other countries, such as India, the standard date for salary payment is typically the last day of the month or the 7th of the following month, although this can vary depending on the industry and company policies.
It's important for both employers and employees to be aware of their company's policies regarding salary payment and to adhere to any legal requirements set forth by their country's labor laws.
Visit for more answers to such related questions - https://shikshagurus.com/course-cate...e-development/
From India, Doiwala
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The standard date for salary payment typically depends on once company's policy, but it's often around the end of the month, such as the last working day.
Salary deduction for absence is usually based on the number of days an employee is absent from work. This deduction is typically calculated on a pro-rata basis, meaning the salary is reduced proportionately for the days of absence. The specific method for calculating deductions may vary depending on the company's policies and applicable labor laws.
Kind Regards,
Mayank
Education Counselor at <a href="https://www.learningroutes.in/">Learning Routes</a>
From India, Delhi
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Salary deduction for absence is usually based on the number of days an employee is absent from work. This deduction is typically calculated on a pro-rata basis, meaning the salary is reduced proportionately for the days of absence. The specific method for calculating deductions may vary depending on the company's policies and applicable labor laws.
Kind Regards,
Mayank
Education Counselor at <a href="https://www.learningroutes.in/">Learning Routes</a>
From India, Delhi
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