Dear all, Please any one tell me about slandered salary component in salary structure.
From India, Pune
1From India, Pune
Dear Sonali,
Do you mean standard component or slandered component? I think the former was actually in your mind. Fundamentally there are two components - Basic pay and allowances. Again allowances can be as many as depending on the nature of job and place of job. Yet there can be a common allowance for the purpose of adjusting the salary with the hike in the price level viz., Dearness Allowance. Other allowances may be HRA, City Compensatory Allowance, Hill Allowance, Conveyance Allowance, Lunch Allowance, Heat Allowance and the like.
From India, Salem
Do you mean standard component or slandered component? I think the former was actually in your mind. Fundamentally there are two components - Basic pay and allowances. Again allowances can be as many as depending on the nature of job and place of job. Yet there can be a common allowance for the purpose of adjusting the salary with the hike in the price level viz., Dearness Allowance. Other allowances may be HRA, City Compensatory Allowance, Hill Allowance, Conveyance Allowance, Lunch Allowance, Heat Allowance and the like.
From India, Salem
Dear Sir,
Thank you for your response .I am working in transport industry as HR generalist .I joined recently in this organization . I wanted to change salary structure .Kindly let me know standard salary structure . Please let me know below salary structure is fine for transport industry .
Basic - 40 % of Gross
HRA - 50 % of Basic
Education - 200
Conveyance - 3000
Other allowance - Balancing Amount
Regards,
Sonali
From India, Pune
Thank you for your response .I am working in transport industry as HR generalist .I joined recently in this organization . I wanted to change salary structure .Kindly let me know standard salary structure . Please let me know below salary structure is fine for transport industry .
Basic - 40 % of Gross
HRA - 50 % of Basic
Education - 200
Conveyance - 3000
Other allowance - Balancing Amount
Regards,
Sonali
From India, Pune
There is no standing rule for fixation of salary structure in India its depand on the company policy which your management body opted.
From India, Delhi
From India, Delhi
Dear Sonali Vardam,
As per amended Code on Wages, 2019 w.e.f. 8th August, 2019 definition of wages is as under, which means you can not give allowances more than 50% of gross wages.[i.e. if gross salary wages is INR 20000 then the allowances should not exceeds INR 10000 rest will be deemed as (Remuneration Basic/DA) for computation of PF, Gratuity etc.]
“Wages‖ means all remuneration, whether by way of salaries, allowances or otherwise, expressed in terms of money or capable of being so expressed which would, if the terms of employment, express or implied, were fulfilled, be payable to a person employed in respect of his employment or of work done in such employment, and includes;-
(a) basic pay;
(b) dearness allowance; and
(c) retaining allowance, if any;
but does not include––
(a) any bonus payable under any law for the time being in force, which does not form part of the remuneration payable under the terms of employment;
(b) the value of any house-accommodation, or of the supply of light, water, medical attendance or other amenity or of any service excluded from the computation of wages by a general or special order of the appropriate Government;
(c) any contribution paid by the employer to any pension or provident fund, and the interest which may have accrued thereon;
(d) any conveyance allowance or the value of any travelling concession;
(e) any sum paid to the employed person to defray special expenses entailed on him by the nature of his employment;
(f) house rent allowance;
(g) remuneration payable under any award or settlement between the parties or order of a court or Tribunal;
(h) any overtime allowance;
(i) any commission payable to the employee;
(j) any gratuity payable on the termination of employment;
(k) any retrenchment compensation or other retirement benefit payable to the employee or any ex-gratia payment made to him on the termination of employment:
Provided that, for calculating the wages under this clause, if payments made by the employer to the employee under clauses (A) to (I) exceeds one half, or such other per cent. as may be notified by the Central Government, of the all remuneration calculated under this clause, the amount which exceeds such one-half, or the percent so notified, shall be deemed as remuneration and shall be accordingly added in wages under this clause:
This is my interpretation, however, Seniors may do value addition, if needed.
Regards,
Suresh
From India, Thane
As per amended Code on Wages, 2019 w.e.f. 8th August, 2019 definition of wages is as under, which means you can not give allowances more than 50% of gross wages.[i.e. if gross salary wages is INR 20000 then the allowances should not exceeds INR 10000 rest will be deemed as (Remuneration Basic/DA) for computation of PF, Gratuity etc.]
“Wages‖ means all remuneration, whether by way of salaries, allowances or otherwise, expressed in terms of money or capable of being so expressed which would, if the terms of employment, express or implied, were fulfilled, be payable to a person employed in respect of his employment or of work done in such employment, and includes;-
(a) basic pay;
(b) dearness allowance; and
(c) retaining allowance, if any;
but does not include––
(a) any bonus payable under any law for the time being in force, which does not form part of the remuneration payable under the terms of employment;
(b) the value of any house-accommodation, or of the supply of light, water, medical attendance or other amenity or of any service excluded from the computation of wages by a general or special order of the appropriate Government;
(c) any contribution paid by the employer to any pension or provident fund, and the interest which may have accrued thereon;
(d) any conveyance allowance or the value of any travelling concession;
(e) any sum paid to the employed person to defray special expenses entailed on him by the nature of his employment;
(f) house rent allowance;
(g) remuneration payable under any award or settlement between the parties or order of a court or Tribunal;
(h) any overtime allowance;
(i) any commission payable to the employee;
(j) any gratuity payable on the termination of employment;
(k) any retrenchment compensation or other retirement benefit payable to the employee or any ex-gratia payment made to him on the termination of employment:
Provided that, for calculating the wages under this clause, if payments made by the employer to the employee under clauses (A) to (I) exceeds one half, or such other per cent. as may be notified by the Central Government, of the all remuneration calculated under this clause, the amount which exceeds such one-half, or the percent so notified, shall be deemed as remuneration and shall be accordingly added in wages under this clause:
This is my interpretation, however, Seniors may do value addition, if needed.
Regards,
Suresh
From India, Thane
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