Dear All, I am working in construction company as HR Executive and we don’t have salary bifurcation over here so would like to implement the same kindly guide. Thanks & Regards Gayatri
From India, Pune
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4From India, Pune
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Dear Gayatri,
You may bifurcate the salary as follows:
Suppose Gross Salary is Rs. 20,000/- per month. The breakdown should be as follows:
- Basic (40-50%) = Rs. 10,000/-. The basic salary should not be less than the minimum wages as applicable.
- HRA (40% of Basic) = Rs. 4,000/-
- Conveyance Allowance = Rs. 800/-
- Education Allowance = Rs. 200/-
- Special Allowance = Rs. 5,000/-
Total = Rs. 20,000/-
To calculate the CTC, the following components need to be added:
- Employer's share of PF
- Employer's share of ESI (ESI is not applicable in this case)
- Bonus
- Gratuity
- Any other reimbursements
With Best Regards
From India, New Delhi
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You may bifurcate the salary as follows:
Suppose Gross Salary is Rs. 20,000/- per month. The breakdown should be as follows:
- Basic (40-50%) = Rs. 10,000/-. The basic salary should not be less than the minimum wages as applicable.
- HRA (40% of Basic) = Rs. 4,000/-
- Conveyance Allowance = Rs. 800/-
- Education Allowance = Rs. 200/-
- Special Allowance = Rs. 5,000/-
Total = Rs. 20,000/-
To calculate the CTC, the following components need to be added:
- Employer's share of PF
- Employer's share of ESI (ESI is not applicable in this case)
- Bonus
- Gratuity
- Any other reimbursements
With Best Regards
From India, New Delhi
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Dear Gayatri,
A salary structure is necessary for the following reasons:
1. It will give you a good feeling.
2. For income tax purposes.
3. For statutory calculation purposes.
Currently, I am also working in real estate and have introduced a salary structure and salary grades in my company. If you require any help, please do not hesitate to call me.
Regards,
Praveen
09204959753
From India, Bengaluru
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A salary structure is necessary for the following reasons:
1. It will give you a good feeling.
2. For income tax purposes.
3. For statutory calculation purposes.
Currently, I am also working in real estate and have introduced a salary structure and salary grades in my company. If you require any help, please do not hesitate to call me.
Regards,
Praveen
09204959753
From India, Bengaluru
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Hi Its very imop as main component of salary is basic salary Pf, Esi and other Statutory compliances are calculated on the Basic salary only Regards Nisha Malhotra
From India, New Delhi
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From India, New Delhi
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Hi Gayatri, This is Anurag Saxena from NA Human Resource Solution Pvt. Ltd. Are you looking out for consultant’s intervention? If yes, then do call us at 9953934057. Regards, Anurag
From India, New Delhi
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From India, New Delhi
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Creating a Competitive Salary Structure.doc
Salary & Compensation Guidelines.zip