Dear Seniors,
Is there any provision in statute which gives clarity on minimum % of basic other than minimum wages act?
E.g. We practise basic as 35% of the CTC.
Requesting you to give your valuable suggestions on the same.
Warm Regards,
Jack
From India, Mumbai
3Is there any provision in statute which gives clarity on minimum % of basic other than minimum wages act?
E.g. We practise basic as 35% of the CTC.
Requesting you to give your valuable suggestions on the same.
Warm Regards,
Jack
From India, Mumbai
Dear Jack,
As per our statutory goes, they does not follow a CTC structure.
It is a practise in the corporate.
As per industry standard basic ranges from 30% to 50% of CTC.
So what you are practising is absolutely fine.
Just need to ensure that the basic is never less than the minimum wages.
From India, Mumbai
As per our statutory goes, they does not follow a CTC structure.
It is a practise in the corporate.
As per industry standard basic ranges from 30% to 50% of CTC.
So what you are practising is absolutely fine.
Just need to ensure that the basic is never less than the minimum wages.
From India, Mumbai
I am fully agreed with Prasenjit. Generally most of the companies are implementing 40% as basic. But you can choose from 30% to 50%, but again it should not be less then minimum wages.
From India, New Delhi
From India, New Delhi
Dear Friends
Legal position:-
If the notified Minimum Rate of Wages consists of basic + dearness allowance and if any employer does not pay dearness allowance and also the basic is less than the prescribed MW rates but the gross wages is equal or more than the minimum wages prescribed, then it will be deemed to complied with minimum wages Act (this is considered lawful based on the judgement pronounced by the Supreme Court in Airfreight case
From India, Kolkata
Legal position:-
If the notified Minimum Rate of Wages consists of basic + dearness allowance and if any employer does not pay dearness allowance and also the basic is less than the prescribed MW rates but the gross wages is equal or more than the minimum wages prescribed, then it will be deemed to complied with minimum wages Act (this is considered lawful based on the judgement pronounced by the Supreme Court in Airfreight case
From India, Kolkata
Dear Abhijit,
As per my knowledge goes, minimum wages cannot be broken into components. It basically represent the basic pay.
Can you provide any notification or the judgemnt copy or any govt document showing it.
From India, Mumbai
As per my knowledge goes, minimum wages cannot be broken into components. It basically represent the basic pay.
Can you provide any notification or the judgemnt copy or any govt document showing it.
From India, Mumbai
dear, there is no any specification to fix the basic but generally the industries keep the basic minimum wage or 40% to 50% of gorss or ctc which is higher. regards satish
From India, Chandigarh
From India, Chandigarh
Respected Seniors, If we choose a candidate & gave him salary Rs. 50,000/- per month. How can we bifurcate the amount in Basic, HRA, Conveyance & others.. Rgds, Rahul
From India, Pune
From India, Pune
Dear Rahul,
Please refer the below link of my post.
https://www.citehr.com/31167-non-tax...ml#post1916665
You will get the salary calculator, which might help you.
From India, Mumbai
Please refer the below link of my post.
https://www.citehr.com/31167-non-tax...ml#post1916665
You will get the salary calculator, which might help you.
From India, Mumbai
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.
Hello Seniors.doc
Basic-communica tion-skills_198 .ppt