Hi,
I hope this helps my friends. Compensation and payroll are my weakest areas, but I hope my friends find the same useful.
Thank you,
Octavious
For various links to my posts, kindly visit the links provided herein below:
https://www.citehr.com/99968-major-hr-links.html
From India, Mumbai
580I hope this helps my friends. Compensation and payroll are my weakest areas, but I hope my friends find the same useful.
Thank you,
Octavious
For various links to my posts, kindly visit the links provided herein below:
https://www.citehr.com/99968-major-hr-links.html
From India, Mumbai
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Hi Octavious,
You have done a good job in creating the correct formats. The basic salary, which accounts for 59% of the CTC, is on the higher side as industry standards typically range from 45-50%. Additionally, you can consider including tax-free components like meal vouchers from Accor or Sodexo, which are exempted up to Rs 50 per day. I would recommend that you read the Tax manual on components of Salary Heads to gain better insight.
In the Full and Final settlement, it is essential to include the PF deduction on leave encashment (PL/EL) as it is a statutory requirement.
Chak De India!!
Rajat Joshi
From India, Pune
You have done a good job in creating the correct formats. The basic salary, which accounts for 59% of the CTC, is on the higher side as industry standards typically range from 45-50%. Additionally, you can consider including tax-free components like meal vouchers from Accor or Sodexo, which are exempted up to Rs 50 per day. I would recommend that you read the Tax manual on components of Salary Heads to gain better insight.
In the Full and Final settlement, it is essential to include the PF deduction on leave encashment (PL/EL) as it is a statutory requirement.
Chak De India!!
Rajat Joshi
From India, Pune
Dear Rajat,
My field of expertise is Strategic HR and Employee Relations. Compensation and Benefits are the last things I would ever deal with, as I am very bad with numbers. The above postings are some materials I collected over a period of time from various sources. I would request if you could download the same and rectify it, as it would help lots of people. I am not the right person to do the same, but from your advice, I believe that you have good and very in-depth knowledge regarding the same.
With Regards,
OCTAVIOUS
From India, Mumbai
My field of expertise is Strategic HR and Employee Relations. Compensation and Benefits are the last things I would ever deal with, as I am very bad with numbers. The above postings are some materials I collected over a period of time from various sources. I would request if you could download the same and rectify it, as it would help lots of people. I am not the right person to do the same, but from your advice, I believe that you have good and very in-depth knowledge regarding the same.
With Regards,
OCTAVIOUS
From India, Mumbai
Hi, Thanks for your attachments they were helpful ..can u provide me with some appraisal formats for my sales guys....assessment sheets...... Regards, Muskan
From India, Indore
From India, Indore
Dear Octavious,
My field of expertise is Strategic HR and Employee Relations.
Great to know that, and it is enlightening to read your postings as well!
Compensation and Benefits are the last things I would ever deal with, as I am very bad with numbers. The above postings are some material I collected over a period of time from various sources. I would request if you could download the same and rectify it, as it would help lots of people. I am not the right person to do the same, but from your advice, I believe that you have good and very in-depth knowledge regarding the same.
If you ask me frankly, you have done a fairly good job notwithstanding your equations with numbers! :D Guess if one tries sincerely, everything is within reach and becomes savvy as well.
Well, I have attempted to redefine the compensation structure in sheet comp-structure for the salary structure of Rs 2.75 Lacs p.a., which is fairly okay and balances with the FBT and Indian Tax laws. After all, there are two things certain: Death and TAXES!! :) Fuel and entertainment expenses should be kept out of the purview of the structure as they attract FBT. The logic is simple: either the employee pays tax by way of perks or FBT by the company but not both!
Best Regards,
Rajat Joshi
From India, Pune
My field of expertise is Strategic HR and Employee Relations.
Great to know that, and it is enlightening to read your postings as well!
Compensation and Benefits are the last things I would ever deal with, as I am very bad with numbers. The above postings are some material I collected over a period of time from various sources. I would request if you could download the same and rectify it, as it would help lots of people. I am not the right person to do the same, but from your advice, I believe that you have good and very in-depth knowledge regarding the same.
If you ask me frankly, you have done a fairly good job notwithstanding your equations with numbers! :D Guess if one tries sincerely, everything is within reach and becomes savvy as well.
Well, I have attempted to redefine the compensation structure in sheet comp-structure for the salary structure of Rs 2.75 Lacs p.a., which is fairly okay and balances with the FBT and Indian Tax laws. After all, there are two things certain: Death and TAXES!! :) Fuel and entertainment expenses should be kept out of the purview of the structure as they attract FBT. The logic is simple: either the employee pays tax by way of perks or FBT by the company but not both!
Best Regards,
Rajat Joshi
From India, Pune
Hi Octavious,
I am really thankful to you for emailing the material with the salary break-up. Even though I am not an expert in compensation management, I was in dire need of information to structure the breakup for 2 lakhs, 1.25 lakhs, 85k, and 70k. I had posted my query, but unfortunately, it was futile as I didn't receive any useful or reasonable responses.
Thanks a lot once again. Keep sharing.
From India
I am really thankful to you for emailing the material with the salary break-up. Even though I am not an expert in compensation management, I was in dire need of information to structure the breakup for 2 lakhs, 1.25 lakhs, 85k, and 70k. I had posted my query, but unfortunately, it was futile as I didn't receive any useful or reasonable responses.
Thanks a lot once again. Keep sharing.
From India
Dear All,
Greetings for the day.
I will be thankful to you if anyone responds to me for my query. I want to know about the ESI and PF deductions, as well as the half-yearly and annual returns that are typically handled by most organizations.
Thank you.
From India, Madras
Greetings for the day.
I will be thankful to you if anyone responds to me for my query. I want to know about the ESI and PF deductions, as well as the half-yearly and annual returns that are typically handled by most organizations.
Thank you.
From India, Madras
Greetings: Does anybody have a Full and Final Settlement Policy? Please do share one with me as I am in need of one very urgently. Thank you very much in advance. Abdul Rozak
Can any one help me with a copy of Check list of payroll processing pls. what has to be taken care while processing salary for a month.
From India, Bangalore
From India, Bangalore
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PMS COmpensation and Benefits.doc
Compensation Structure.ppt