Dear all,
Greetings!!!!!
pls. guide me for the under mentioned topic
we are having a manufacturing co. at up based, last month we've signed the agreement between the employer and our marketing staff as mentioned:
For the first 2 months of each quarter Rs 25000/- lump-sum shall be paid after each month. after the completion of 3rd month, total commission shall be calculated for all 3 months and the balance amount shall be paid ( this amount can be less or more than Rs. 25000/- depending on the actual commission ). if in case there is any shortfall, the same can be recovered from the staff. this way, every 3 months, the accounts shall be settled till date.
so my query is we are already paying salary Rs.30000/- per month so how can we show there salary less in salary register , what we have to transfered as per agreement lumpsum 25000/- (means, less than existing salary)
pls guide me is it okay, or not
if okay than what is the procedure of salary to commission base.
how could i mange it??????????
your openion is highly apprctd..
thanks
dinesh/9871819625
From India, Calcutta
1Greetings!!!!!
pls. guide me for the under mentioned topic
we are having a manufacturing co. at up based, last month we've signed the agreement between the employer and our marketing staff as mentioned:
For the first 2 months of each quarter Rs 25000/- lump-sum shall be paid after each month. after the completion of 3rd month, total commission shall be calculated for all 3 months and the balance amount shall be paid ( this amount can be less or more than Rs. 25000/- depending on the actual commission ). if in case there is any shortfall, the same can be recovered from the staff. this way, every 3 months, the accounts shall be settled till date.
so my query is we are already paying salary Rs.30000/- per month so how can we show there salary less in salary register , what we have to transfered as per agreement lumpsum 25000/- (means, less than existing salary)
pls guide me is it okay, or not
if okay than what is the procedure of salary to commission base.
how could i mange it??????????
your openion is highly apprctd..
thanks
dinesh/9871819625
From India, Calcutta
Dear Dinesh , I wanted to now are you looking for HR services or solutions for your company . Regards Yugandhara
From India, Mumbai
From India, Mumbai
Dear Dinesh,
You may show these entries as Remuneration insted of salary.
And that too in the agreement it can be stated as performance linked salary.
Regards,
Manoj Tiwari
Advocate
BT.Manoj@gmail.com
From India, Mumbai
You may show these entries as Remuneration insted of salary.
And that too in the agreement it can be stated as performance linked salary.
Regards,
Manoj Tiwari
Advocate
BT.Manoj@gmail.com
From India, Mumbai
If you are paying salary, you can not stop it and reduce it................... In addition to salary if you are paying incentives/commission in advance then you can adjust/recover it later..
From India, Chandigarh
From India, Chandigarh
Dear Dinesh;
The best way to manage this issue is to break that lump-sum amount in two parts(30%+70%). In first part you show it as Basic Salary+DA & do mention it in wages register, And second big part of same you need to show it as performance based incentive or Performance bonus.
At the end of third month of every quarter you can adjust short fall or whatever very easily from this same.
From India, Delhi
The best way to manage this issue is to break that lump-sum amount in two parts(30%+70%). In first part you show it as Basic Salary+DA & do mention it in wages register, And second big part of same you need to show it as performance based incentive or Performance bonus.
At the end of third month of every quarter you can adjust short fall or whatever very easily from this same.
From India, Delhi
Thanx Arunoday ji,
but how cd i manage it dat if already a person Rs. 30000/- taking for his home, then how we can show his salary Rs. 25000/- in wage register?
and if we found after 3 month that he has no achieved his target and the commission will calculated less then Rs. 25000/- what we are transfering in his A/c, so how can we recovered from him?????????
Dinesh/9871819625
From India, Calcutta
but how cd i manage it dat if already a person Rs. 30000/- taking for his home, then how we can show his salary Rs. 25000/- in wage register?
and if we found after 3 month that he has no achieved his target and the commission will calculated less then Rs. 25000/- what we are transfering in his A/c, so how can we recovered from him?????????
Dinesh/9871819625
From India, Calcutta
Well after perusing your query I counsel two best possible ways to take care of your issues:-
First Way
First and foremost you have to make clean salary structure in which their salary would be 9000(Basic+DA) [If I consider their reimbursement 30,000/month], it must be mentioned in wages register along with all the mandatory Govt. Compliance (PF,ESIC Etc.)
Now rest same amount 21,000 considered as Performance Based Incentive (P.B.I.)
In Your next step you have to put on hold their 2 Months’ P.B.I. on hold and in the last of third month you will have to release the entire three month PBI along with this month salary after the computation of budget achievement. (You can also deduct the compliance expenditures from this PBI amount too)
Second Way:-
Please review their budget achievement on month on month basis.
For this same working you have to give them every month’s Robust Sales Closing date 25th or 26th or 27th after this closing date please review their %Achievement and then release their P.B.I. along with their salary .
From India, Delhi
First Way
First and foremost you have to make clean salary structure in which their salary would be 9000(Basic+DA) [If I consider their reimbursement 30,000/month], it must be mentioned in wages register along with all the mandatory Govt. Compliance (PF,ESIC Etc.)
Now rest same amount 21,000 considered as Performance Based Incentive (P.B.I.)
In Your next step you have to put on hold their 2 Months’ P.B.I. on hold and in the last of third month you will have to release the entire three month PBI along with this month salary after the computation of budget achievement. (You can also deduct the compliance expenditures from this PBI amount too)
Second Way:-
Please review their budget achievement on month on month basis.
For this same working you have to give them every month’s Robust Sales Closing date 25th or 26th or 27th after this closing date please review their %Achievement and then release their P.B.I. along with their salary .
From India, Delhi
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Salary-Note.doc
SALARY SHEET CALCULATION.xls