Hi,
I am working in a manufacturing comapny as a hr executive. At the time of joining i was told that i will get 12506 as a gross in that 1166 as a medical & lta but it will not shown on your salry slip.
But now i am getting basic 7000, hra 2100 & conv. 1400 plus which i can after six month. They are saying that 1680 is deducted for Pf i am not getting what they are trying to say.I havn't received salary break up also. please give some light on my issue.
From India, Chandigarh
18I am working in a manufacturing comapny as a hr executive. At the time of joining i was told that i will get 12506 as a gross in that 1166 as a medical & lta but it will not shown on your salry slip.
But now i am getting basic 7000, hra 2100 & conv. 1400 plus which i can after six month. They are saying that 1680 is deducted for Pf i am not getting what they are trying to say.I havn't received salary break up also. please give some light on my issue.
From India, Chandigarh
Dear Amitranjan,
There are four issues involved in your post :
(1) Policy related to salary slip
(2) Allowance involvement
(3) PF Issue
(4) salary break up
Detailed explaination are as follow :
Point # 1 : It depends upon the company's policy, which break-ups their are mentioning in the salary slip, whatever the amt paid to you through cheque should be mentioned in the salary slip ideally, and for the cash reimbursements your signatures are must on the vouchers.
Point # 2 : Conveyance allowance which they have told you be given to you after completion of 6 mths, is a policy of the company, but ideally it should be and must be paid to you from the day one.
Point # 3 : Your company is deducting 24% from your basic salary for the PF. Legally a company should deduct only 12% amount of the basic salary for the PF, rest it is at the discretion of the employee whether they allow the company to deduct more than 12% from the basic salary towards PF. Confirm from your company whether they are also contributing at the same ratio, means as they are deducting 24% from your salary, are they contributing the same ratio, I personally feel they are not. If yes, then i think you must allow the company to go ahead purely because at the end i.e. once you withdraw the PF amount or transfer the PF amount then you are the profit side. Confirm it, if they are not, you have the full right to give a written letter to the HR Head that pls deduct only 12 % and not 24%.
Point # 4 : Once a company gives a offer letter they must tell the candidate concerned the salary break ups but at the appointment letter, it should definitely be mentioned.
speak to them on these issues.
I hope this will help you.
Inputs from the other members are also requested, so that I myself can enchance my knowledge/information.
Thanks & regards,
Rekha
From India, Delhi
There are four issues involved in your post :
(1) Policy related to salary slip
(2) Allowance involvement
(3) PF Issue
(4) salary break up
Detailed explaination are as follow :
Point # 1 : It depends upon the company's policy, which break-ups their are mentioning in the salary slip, whatever the amt paid to you through cheque should be mentioned in the salary slip ideally, and for the cash reimbursements your signatures are must on the vouchers.
Point # 2 : Conveyance allowance which they have told you be given to you after completion of 6 mths, is a policy of the company, but ideally it should be and must be paid to you from the day one.
Point # 3 : Your company is deducting 24% from your basic salary for the PF. Legally a company should deduct only 12% amount of the basic salary for the PF, rest it is at the discretion of the employee whether they allow the company to deduct more than 12% from the basic salary towards PF. Confirm from your company whether they are also contributing at the same ratio, means as they are deducting 24% from your salary, are they contributing the same ratio, I personally feel they are not. If yes, then i think you must allow the company to go ahead purely because at the end i.e. once you withdraw the PF amount or transfer the PF amount then you are the profit side. Confirm it, if they are not, you have the full right to give a written letter to the HR Head that pls deduct only 12 % and not 24%.
Point # 4 : Once a company gives a offer letter they must tell the candidate concerned the salary break ups but at the appointment letter, it should definitely be mentioned.
speak to them on these issues.
I hope this will help you.
Inputs from the other members are also requested, so that I myself can enchance my knowledge/information.
Thanks & regards,
Rekha
From India, Delhi
This is a usual problem that arises when companies give "CTC" details to the employee. The employee will get a shock of his life when he receives his pay slip.
i.e.For example if an employee is told that his CTC is 5360/- [Gross +employer pf contribution] with Basic:3000+ HRA:1200+ Conv.: 800+PF: 360 [employer contribution]
What he will actually get is Rs. 4640 [gross - employee pf contribution][ Basic:3000+ HRA:1200+ Conv.: 800-PF: 360 [employee PF contribution].
So he feels that 24% of his basic is deducted.
Regards
Sathya
From India, Madras
i.e.For example if an employee is told that his CTC is 5360/- [Gross +employer pf contribution] with Basic:3000+ HRA:1200+ Conv.: 800+PF: 360 [employer contribution]
What he will actually get is Rs. 4640 [gross - employee pf contribution][ Basic:3000+ HRA:1200+ Conv.: 800-PF: 360 [employee PF contribution].
So he feels that 24% of his basic is deducted.
Regards
Sathya
From India, Madras
Hi,
Hope the below mentioned break-up will be of some help to you.
Your Company has promised you to pay 12506/-pm which is a gross CTC & PF (Employer's Contribution) is a part of your CTC.
Basic - 7000/-p.m
HRA - 2100/-p.m
Cony - 1400/-p.m
LTA & Med - 1166/-p.m
PF(Employer's Contribution) - 840/-p.m
Total comes to Rs.12506/-p.m
Out of which your monthly take home will be - Rs.9660/-
Hope the above break up will clarify your doubts to some extent.
Regards
Sweetu Aggarwal
From India, Gurgaon
Hope the below mentioned break-up will be of some help to you.
Your Company has promised you to pay 12506/-pm which is a gross CTC & PF (Employer's Contribution) is a part of your CTC.
Basic - 7000/-p.m
HRA - 2100/-p.m
Cony - 1400/-p.m
LTA & Med - 1166/-p.m
PF(Employer's Contribution) - 840/-p.m
Total comes to Rs.12506/-p.m
Out of which your monthly take home will be - Rs.9660/-
Hope the above break up will clarify your doubts to some extent.
Regards
Sweetu Aggarwal
From India, Gurgaon
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