Dear All,
We are an IT Solution Provider Company located in Mumbai and maximum employees consist of Engineers and Technician.
I have a query regarding what should be the minimum basic salary of employees.
For. Eg. Gross salary is 20,000
It would be really great if anyone can help me out.
Regards,
Riyu Grewal
From India, Mumbai
1We are an IT Solution Provider Company located in Mumbai and maximum employees consist of Engineers and Technician.
I have a query regarding what should be the minimum basic salary of employees.
For. Eg. Gross salary is 20,000
It would be really great if anyone can help me out.
Regards,
Riyu Grewal
From India, Mumbai
Dear, I am a manpower supplier and salary is depend on the sector and work done of the company . my suggestion minimum G.Salary for fresher is Rs16000. thanks and regards Prabhakar
From India, Delhi
From India, Delhi
Are you looking to know what is the salary levels in mumbai for IT professionals ? Or are you asking how to compute / decide the salary structure ?
From India, Mumbai
From India, Mumbai
U can follow this format
40% of gross salary as Basic
30% of gross salary as HRA
Rs 800 as Transport allowance
Other Allowances = Gross Salary Minus (40% + 30% + Rs 800)
Total of above is the Gross Salary of the employee
Leaves
Professional Tax
PF 12% of Basic Salary ( 12% of 40%) if you are providing
You can call me and understand the necessary salary heads and the necessary deductions
Regards
Pulak
+ 91 7303148539
From India, Mumbai
40% of gross salary as Basic
30% of gross salary as HRA
Rs 800 as Transport allowance
Other Allowances = Gross Salary Minus (40% + 30% + Rs 800)
Total of above is the Gross Salary of the employee
Leaves
Professional Tax
PF 12% of Basic Salary ( 12% of 40%) if you are providing
You can call me and understand the necessary salary heads and the necessary deductions
Regards
Pulak
+ 91 7303148539
From India, Mumbai
Hi,
Salary component - Minimum salary depends on the skills and education Level. you should have a little homework on the salary range that your competitor is having to retain the talent.
If you are hiring a fresher, minimum salary should be enough for his or her survival in Mumbai. that is called Per diem or one day expenses to survive in the city. You can choose the salary near to the amount or little here and there.
The salary components you can decide once you have the CTC in mind.
In case of any queries, please write to me on
Thanks
Pallavi
From India, Pune
Salary component - Minimum salary depends on the skills and education Level. you should have a little homework on the salary range that your competitor is having to retain the talent.
If you are hiring a fresher, minimum salary should be enough for his or her survival in Mumbai. that is called Per diem or one day expenses to survive in the city. You can choose the salary near to the amount or little here and there.
The salary components you can decide once you have the CTC in mind.
In case of any queries, please write to me on
Thanks
Pallavi
From India, Pune
Dear Riyu Grewal
the minimum salary for an employee is based upon the your company policy and as well as funds allocation by the management. but here we have to consider in our notice that the CTC of the employee is having the lot of statutory vigilances by the govt. better you could make a policy on this for your company, based upon that CTC you can decide like the basic salary for 30% to 40% of CTC, HRA 50% of basic, conveyence- upto company norms and HRA shoud be 50% of basic + DA
thanks & regards
MANOHAR
From India
the minimum salary for an employee is based upon the your company policy and as well as funds allocation by the management. but here we have to consider in our notice that the CTC of the employee is having the lot of statutory vigilances by the govt. better you could make a policy on this for your company, based upon that CTC you can decide like the basic salary for 30% to 40% of CTC, HRA 50% of basic, conveyence- upto company norms and HRA shoud be 50% of basic + DA
thanks & regards
MANOHAR
From India
Dear Riyu Grewal,
You posted a question what should be the basic salary of employees. You have given an example of gross salary of Rs.20K. Here I would like to explain the concept of basic salary and other allowances applicable thereon. In fact the concept of basic salary arises when there is a properly structured pay scale attached to different level of posts/designation according to job description and responsibilities. A pay structure is designed starting with a minimum pay and ending with a maximum pay with stages of annual increments for a specified period of time say stretched over a period of 15 or 20 or 25 years. Pay structure is devised where there are other allowances, fixed or variable in nature. The concept of pay scale also facilitates both employee and employer to comply with the provisions of various statutes
like Income Tax Act, EPF Act etc.
The question how much pay should be given on a particular post is decided by the Employer depending upon various cost elements and profit element required to manage and operate the business establishment. The pay structure, for example, can be designed as under:
Basic Pay - 60%
HRA - 40%
City Compensatory Allowance - 10%
Transport Allowance (Fixed) - Rs.1000/-
Medical Allowance (Fixed) - Rs.1500/-
The above is only a suggested pay structure. It can be adapted/modified by the employer as per his own financial resources.
Hope this clarifies your query.
With good wishes.
C.M. Lal Srivastava
09818680671
From India, New Delhi
You posted a question what should be the basic salary of employees. You have given an example of gross salary of Rs.20K. Here I would like to explain the concept of basic salary and other allowances applicable thereon. In fact the concept of basic salary arises when there is a properly structured pay scale attached to different level of posts/designation according to job description and responsibilities. A pay structure is designed starting with a minimum pay and ending with a maximum pay with stages of annual increments for a specified period of time say stretched over a period of 15 or 20 or 25 years. Pay structure is devised where there are other allowances, fixed or variable in nature. The concept of pay scale also facilitates both employee and employer to comply with the provisions of various statutes
like Income Tax Act, EPF Act etc.
The question how much pay should be given on a particular post is decided by the Employer depending upon various cost elements and profit element required to manage and operate the business establishment. The pay structure, for example, can be designed as under:
Basic Pay - 60%
HRA - 40%
City Compensatory Allowance - 10%
Transport Allowance (Fixed) - Rs.1000/-
Medical Allowance (Fixed) - Rs.1500/-
The above is only a suggested pay structure. It can be adapted/modified by the employer as per his own financial resources.
Hope this clarifies your query.
With good wishes.
C.M. Lal Srivastava
09818680671
From India, New Delhi
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Minimum wages- Basic.pdf