Hi All,
Could anyone please tell me the answers to the following:
1. What is the difference between CTC & Gross Salary, and what does PF have to do with it?
2. What are the usual salary components of a White-Collared Employee that definitely need to be included in the salary?
3. What are the taxable salary components of a white and blue-collared employee and up to what limit?
4. Is E.S.I also applicable to White-Collared employees, or is it meant for Blue-Collared employees only? If yes, then what is the contribution and the limit?
5. What is the most commonly used performance appraisal method prevalent in companies for White-Collared Employees apart from 360 appraisals?
6. Also, could anyone send me the format of a 360-degree appraisal form?
I am asking a lot of questions, but I am sure my seniors would definitely help me.
Prashant :idea:
From India, Delhi
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10Could anyone please tell me the answers to the following:
1. What is the difference between CTC & Gross Salary, and what does PF have to do with it?
2. What are the usual salary components of a White-Collared Employee that definitely need to be included in the salary?
3. What are the taxable salary components of a white and blue-collared employee and up to what limit?
4. Is E.S.I also applicable to White-Collared employees, or is it meant for Blue-Collared employees only? If yes, then what is the contribution and the limit?
5. What is the most commonly used performance appraisal method prevalent in companies for White-Collared Employees apart from 360 appraisals?
6. Also, could anyone send me the format of a 360-degree appraisal form?
I am asking a lot of questions, but I am sure my seniors would definitely help me.
Prashant :idea:
From India, Delhi
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Hi,
Just attempting to tell you what I know.
1. What is the difference between CTC & Gross Salary, and what does PF have to do with it?
CTC is Cost to Company and is considered with all the deductions the company makes from a salary. In simple words,
Basic + DA + Conveyance + Medical + Other Allowances = Net
Net + PF (Employee Contribution) + ESI (Employee Contribution) = Gross
Gross + PF (Employer Contribution) + ESI (Employer Contribution) = CTC
PF (Employer Contribution) is calculated as 12% of Basic + DA, and it is the same equation for Employee Contribution.
2. What are the usual salary components of a White-Collared Employee that definitely have to be included in the salary?
The usual components are Basic + HRA + Conveyance + Medical + PF + ESI (if applicable).
3. Is E.S.I also applicable to White-Collared employees, or is it meant for Blue-Collared employees only? If yes, then what is the contribution and the limit?
E.S.I is also applicable to White-Collared Employees. The Employee Contribution is 1.75% of Gross, and Employer contribution is 4.75% of Gross. The limit is Rs. 8000/- CTC or Rs. 7500/- Gross.
4. What is the most used performance appraisal method prevalent in Companies for White-Collared Employees apart from 360 appraisals?
The most used method is MBO, wherein a given set of objectives is monitored at the end of the completion period. Scores are assigned by the supervisor/reporting authority on various parameters like quality, number of defects, etc.
I hope I have answered to some extent to clear your doubts.
Regards,
Soumya Shankar
From India, Bangalore
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Just attempting to tell you what I know.
1. What is the difference between CTC & Gross Salary, and what does PF have to do with it?
CTC is Cost to Company and is considered with all the deductions the company makes from a salary. In simple words,
Basic + DA + Conveyance + Medical + Other Allowances = Net
Net + PF (Employee Contribution) + ESI (Employee Contribution) = Gross
Gross + PF (Employer Contribution) + ESI (Employer Contribution) = CTC
PF (Employer Contribution) is calculated as 12% of Basic + DA, and it is the same equation for Employee Contribution.
2. What are the usual salary components of a White-Collared Employee that definitely have to be included in the salary?
The usual components are Basic + HRA + Conveyance + Medical + PF + ESI (if applicable).
3. Is E.S.I also applicable to White-Collared employees, or is it meant for Blue-Collared employees only? If yes, then what is the contribution and the limit?
E.S.I is also applicable to White-Collared Employees. The Employee Contribution is 1.75% of Gross, and Employer contribution is 4.75% of Gross. The limit is Rs. 8000/- CTC or Rs. 7500/- Gross.
4. What is the most used performance appraisal method prevalent in Companies for White-Collared Employees apart from 360 appraisals?
The most used method is MBO, wherein a given set of objectives is monitored at the end of the completion period. Scores are assigned by the supervisor/reporting authority on various parameters like quality, number of defects, etc.
I hope I have answered to some extent to clear your doubts.
Regards,
Soumya Shankar
From India, Bangalore
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GROSS SALARY&CTC FOR 15500.xls