Dear Seniors Can u plese help me for below mentioned Query The calculation is made for 30 days in a month. why we calculate salary for 30 days because some months have 31 days
From India, Visakhapatnam
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From India, Visakhapatnam
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Dear Neethurajan,
Salary is the compensation for the work done for one month. One month may vary as 28 days, 29 days, 30 days, and 31 days. So it is not 30 days. Its approximate ratio is 3:1:16:28. But for some purposes (e.g., PL encashment), the salary will be divided by 30. It is a criteria/formula only. For gratuity, the division will be by 26, for EPS-95 (PF pension), it will be by 70, etc. Consider all these as formulas. Then there will not be any confusion.
Abbas.P.S
From India, Bangalore
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530Salary is the compensation for the work done for one month. One month may vary as 28 days, 29 days, 30 days, and 31 days. So it is not 30 days. Its approximate ratio is 3:1:16:28. But for some purposes (e.g., PL encashment), the salary will be divided by 30. It is a criteria/formula only. For gratuity, the division will be by 26, for EPS-95 (PF pension), it will be by 70, etc. Consider all these as formulas. Then there will not be any confusion.
Abbas.P.S
From India, Bangalore
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SALARY SHEET CALCULATION.xls
Salary calculation.doc