Dear Seniors,
Please help me out, am working on payroll policy for MNC company. I need your help how to create same as there are components like LTA & Exgratia in salary break up, how and when LTA & Ex gratia will be given to employees and to calculate same. Please please help me out on this asap i have to give payroll policy to employees.
Thanks,
Regards,
Preeti
From India, Bangalore
1Please help me out, am working on payroll policy for MNC company. I need your help how to create same as there are components like LTA & Exgratia in salary break up, how and when LTA & Ex gratia will be given to employees and to calculate same. Please please help me out on this asap i have to give payroll policy to employees.
Thanks,
Regards,
Preeti
From India, Bangalore
Hello Preeti,
Normally LTA will be calculated 10% on Basic+DA and it can be paid immediatly after the calender year ends (during the first week of Jan)
Exgratia is otherwise known as Bonus which have to be paid as per the payment of Bonus act 1965. Rs.3500 is the seal limit for calculating 20% of bonus which is 700/mth. It can be paid to the employees during the festival like (Ayudha pooja, Deepavali etc)
Regards:
Sree
From India, Delhi
Normally LTA will be calculated 10% on Basic+DA and it can be paid immediatly after the calender year ends (during the first week of Jan)
Exgratia is otherwise known as Bonus which have to be paid as per the payment of Bonus act 1965. Rs.3500 is the seal limit for calculating 20% of bonus which is 700/mth. It can be paid to the employees during the festival like (Ayudha pooja, Deepavali etc)
Regards:
Sree
From India, Delhi
Hi Preeti, In case you do not intend to pay yearly, you can divide the same mentioned above by 12 & pay it as a part of monthly gross salary component.
From India, Ahmedabad
From India, Ahmedabad
Thanks to both of you for your replies.
I have paste eg ctc to understand more clearly please let me know how to calculate LTA & Exgratia for same, here both are part of ctc and gratuity is also there and deducting same as provision. LTA & Exgratia are not paid on monthly basis, so what is ideal time to pay it to employees and any policy is there for same, pl share it with me(payroll policy).
Please reply asap
Thanks,
Preeti
INR Per Month INR Per Annum
Monthly Payments
Basic 25,000
HRA 12,500
Educational Allowance 100
Conveyance 800
Special Allowance 12,398
Phone Allowance
Medical 1,250
Petrol allowance
Driver Allowance
Reimbursement of Expenses
Monthly Gross Sub Total 52,048 6,24,577
Annual Payments
Ex-Gratia 12,500
LTA 12,500
Benefits
Provident Fund 36,000
Gratuity 14,423
Mediclaim
Superannuation
Fixed Total 7,00,000
Total Gross Salary INR. Per Annum 7,00,000
From India, Bangalore
I have paste eg ctc to understand more clearly please let me know how to calculate LTA & Exgratia for same, here both are part of ctc and gratuity is also there and deducting same as provision. LTA & Exgratia are not paid on monthly basis, so what is ideal time to pay it to employees and any policy is there for same, pl share it with me(payroll policy).
Please reply asap
Thanks,
Preeti
INR Per Month INR Per Annum
Monthly Payments
Basic 25,000
HRA 12,500
Educational Allowance 100
Conveyance 800
Special Allowance 12,398
Phone Allowance
Medical 1,250
Petrol allowance
Driver Allowance
Reimbursement of Expenses
Monthly Gross Sub Total 52,048 6,24,577
Annual Payments
Ex-Gratia 12,500
LTA 12,500
Benefits
Provident Fund 36,000
Gratuity 14,423
Mediclaim
Superannuation
Fixed Total 7,00,000
Total Gross Salary INR. Per Annum 7,00,000
From India, Bangalore
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.
Canteen Policy.doc