Dear HRs,
I seek opinion on alteration of Monthly Gross Salary by maintaining the same total payout (CTC) for the year to comply with one of the major requirements as per New Wage Code of maintaining Basic Pay 50% of the total wages.
For example, If present Monthly CTC Salary of an employee is Rs50,000 ie Rs. 6 Lacs per annum.
Can we opt for payment of Rs.35,000 monthly and Rs15,000 through allowances payable quarterly by maintaining the same total CTC Rs.6 Lacs for the year?
i.e. Rs.35000 x 12 = Rs. 4,20,000 through monthly payouts
and Rs.15000 x 3 months = Rs. 45,000 x 4 Quarter = Rs. 1,80,000 through allowances
While restructuring the salary, the monthly statutory benefits like PF, Gratuity shall be maintained.
Regards,
Rakesh Shinde
1I seek opinion on alteration of Monthly Gross Salary by maintaining the same total payout (CTC) for the year to comply with one of the major requirements as per New Wage Code of maintaining Basic Pay 50% of the total wages.
For example, If present Monthly CTC Salary of an employee is Rs50,000 ie Rs. 6 Lacs per annum.
Can we opt for payment of Rs.35,000 monthly and Rs15,000 through allowances payable quarterly by maintaining the same total CTC Rs.6 Lacs for the year?
i.e. Rs.35000 x 12 = Rs. 4,20,000 through monthly payouts
and Rs.15000 x 3 months = Rs. 45,000 x 4 Quarter = Rs. 1,80,000 through allowances
While restructuring the salary, the monthly statutory benefits like PF, Gratuity shall be maintained.
Regards,
Rakesh Shinde
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Salary-Note.doc
SALARY SHEET CALCULATION.xls