Dear All, I would appreciate it if anyone could help me out. Here, I am attaching a salary slip format. Please go through it and let me know whether the components are correct or not, or suggest any modifications that may be needed.
Salary Slip
Pay Date
June 7, 2010
Employee ID
Employee Name
Employee Address
Pay Period
From May 1, 2010
To May 31, 2010
Deductions
- Basic Salary: Rs. 10,000
- Leave Deductions: Rs. 5,000
- HRA: Rs. 5,000
- Others (if any)
Allowances
- Conveyance: Rs. 800
- TDS: Rs. 500
- Medical: Rs. 1,200
- Cess on TDS: Rs. 15
- Bonus
- Leave Encashment
- Misc: Rs. 16,000
- Adjustment (if any)
Total
Rs. 32,485
Leave Head
- Leaves Accrued
- Leaves Taken
- Leaves Cashed
- Leaves Balance
- Casual Leave
- LWP
- Others
Authorized Signatory
Thanks & Regards,
Manya
From India, New Delhi
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Salary Slip
Pay Date
June 7, 2010
Employee ID
Employee Name
Employee Address
Pay Period
From May 1, 2010
To May 31, 2010
Deductions
- Basic Salary: Rs. 10,000
- Leave Deductions: Rs. 5,000
- HRA: Rs. 5,000
- Others (if any)
Allowances
- Conveyance: Rs. 800
- TDS: Rs. 500
- Medical: Rs. 1,200
- Cess on TDS: Rs. 15
- Bonus
- Leave Encashment
- Misc: Rs. 16,000
- Adjustment (if any)
Total
Rs. 32,485
Leave Head
- Leaves Accrued
- Leaves Taken
- Leaves Cashed
- Leaves Balance
- Casual Leave
- LWP
- Others
Authorized Signatory
Thanks & Regards,
Manya
From India, New Delhi
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Sorry, guys, it's not clear. Following are the components:
Components:
- Basic Salary
- HRA
- Allowances:
- Conveyance
- Medical
- Bonus
- Leave encashment
- Misc
- Adjustments (if any)
Deductions:
- TDS
- Cess on TDS
- Authorized Signatory
Please confirm if the components are correct, or if I should modify something else. Waiting for kind replies.
Thanks & Regards,
Manya
From India, New Delhi
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Components:
- Basic Salary
- HRA
- Allowances:
- Conveyance
- Medical
- Bonus
- Leave encashment
- Misc
- Adjustments (if any)
Deductions:
- TDS
- Cess on TDS
- Authorized Signatory
Please confirm if the components are correct, or if I should modify something else. Waiting for kind replies.
Thanks & Regards,
Manya
From India, New Delhi
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9
hi manya & Farhan, in that payslip, date is missing.i think signature of the employee is also need. pragadeesh 8056711888
From India, Madras
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From India, Madras
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Hi, Basically its fine, no need of employee signature as it may not be practical. You may include date of Joining and leave balance details (if applicable).
From United Arab Emirates
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From United Arab Emirates
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Dear Manya,
Body of the Salary Slip: Assume the salary slip size is half a page. In that, put three columns. One for the Salary Structure, another for the Actual Payment Column, and the last for the Deductions Column. On the top of the three columns, you can include the company name, address, Employee Code, Employee Name, Designation, Father's Name, DOJ, Employment Status, etc. Below the three columns, place the Nett Pay on the right side. Include the Number of Working Days, Number of Days Worked, Number of Days Leave Granted, and LOP on the left side. At the bottom left, include "Manager's Signature" and at the bottom right, "Employee's Signature." I hope you can virtually envision the image I have described and can implement it on paper.
Regards,
RJ
From India, Madras
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Body of the Salary Slip: Assume the salary slip size is half a page. In that, put three columns. One for the Salary Structure, another for the Actual Payment Column, and the last for the Deductions Column. On the top of the three columns, you can include the company name, address, Employee Code, Employee Name, Designation, Father's Name, DOJ, Employment Status, etc. Below the three columns, place the Nett Pay on the right side. Include the Number of Working Days, Number of Days Worked, Number of Days Leave Granted, and LOP on the left side. At the bottom left, include "Manager's Signature" and at the bottom right, "Employee's Signature." I hope you can virtually envision the image I have described and can implement it on paper.
Regards,
RJ
From India, Madras
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Hi Ashish, why is there no ESIC applicable to you? Your gross is less than 15,000.
Annual Performance Recognition
Annual Performance Recognition is significant; it's almost 25% of your CTC. You need to consider this because, at the end of the year, the company may inform you that your yearly performance is not up to the mark, and therefore, you are not eligible for it. Make this point clear.
Accepting the Offer
Accepting this offer depends on how much you are currently earning. If you are earning less than 7 to 8K, then it's okay. Otherwise, this is very risky.
As far as the format is concerned, only ESIC is missing, which will further reduce your take-home pay by approximately Rs. 750.
Regards,
From United States, Dallas
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Annual Performance Recognition
Annual Performance Recognition is significant; it's almost 25% of your CTC. You need to consider this because, at the end of the year, the company may inform you that your yearly performance is not up to the mark, and therefore, you are not eligible for it. Make this point clear.
Accepting the Offer
Accepting this offer depends on how much you are currently earning. If you are earning less than 7 to 8K, then it's okay. Otherwise, this is very risky.
As far as the format is concerned, only ESIC is missing, which will further reduce your take-home pay by approximately Rs. 750.
Regards,
From United States, Dallas
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Thanks Farhan for new format but i need to know whether my components are correct or not?? Please let me know if you can help me out. Thanks & Regards' Kitty
From India, New Delhi
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From India, New Delhi
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Hey Abhishek, thanks a lot for your prompt response. See, as such, there is no structure, but yes, we give salaries according to the number of days, and TDS deductions would be there.
Salary Structure
Now, we are planning to provide the salary slips to the employees. For that, we need a good format. As such, the structure is like:
- Basic Salary
- HRA
- Allowances:
- Medical
- Conveyance
- Special
After that, we are planning for a performance bonus, which would be provided annually to the employees, say, 5% of CTC. Then, a Loyalty Bonus, which again would be provided annually to the employees, 5% of CTC.
Deductions
We don't have deductions in the structure like PF, ESI, etc., but yes, we deduct TDS and give them adjustments according to their tax-saving plans and all.
Now, my question arises, should we give the performance bonus on a monthly basis or annually, as we are an IT company? And, as I discussed a salary format above, just wanted to confirm if Leave Encashment is the right component in the salary slip.
Looking forward to hearing from you.
Thanks & Regards,
Kitty
From India, New Delhi
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Salary Structure
Now, we are planning to provide the salary slips to the employees. For that, we need a good format. As such, the structure is like:
- Basic Salary
- HRA
- Allowances:
- Medical
- Conveyance
- Special
After that, we are planning for a performance bonus, which would be provided annually to the employees, say, 5% of CTC. Then, a Loyalty Bonus, which again would be provided annually to the employees, 5% of CTC.
Deductions
We don't have deductions in the structure like PF, ESI, etc., but yes, we deduct TDS and give them adjustments according to their tax-saving plans and all.
Now, my question arises, should we give the performance bonus on a monthly basis or annually, as we are an IT company? And, as I discussed a salary format above, just wanted to confirm if Leave Encashment is the right component in the salary slip.
Looking forward to hearing from you.
Thanks & Regards,
Kitty
From India, New Delhi
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Salary slip format.xls