Hi all, Can anyone help me in - What would be the basic rate if a person gross pay is 15000? Renuka
From India, New Delhi
From India, New Delhi
Dear Renuka,
If you do have the time and patience to peruse the similar threds already available on the same issue, you will certainly understand that there is no hard and fast rule nor any straight jacket formula to divide the gross salary of an employee into different components.
But care must be exercised to see whether the particular post/job is covered by the Minimum Wages Act, 1948 and minimum rates of wages have been fixed and the componential structure is similar to your industry wage structure. Besides, you have to take into account the periodical cost of employer's contributions to such statutory social security components like EPF, ESI, Gratuity etc., and other indirect commitment like statutory bonus.
Similarly, it is also important to compare the prevailing wage structures of the same or similar post in the same or similar type of industries in the region.
Therefore, you may devise the structure in such a manner that the sum of basic and dearness allowance constitutes not less than 70% of the total salary package.
From India, Salem
6018If you do have the time and patience to peruse the similar threds already available on the same issue, you will certainly understand that there is no hard and fast rule nor any straight jacket formula to divide the gross salary of an employee into different components.
But care must be exercised to see whether the particular post/job is covered by the Minimum Wages Act, 1948 and minimum rates of wages have been fixed and the componential structure is similar to your industry wage structure. Besides, you have to take into account the periodical cost of employer's contributions to such statutory social security components like EPF, ESI, Gratuity etc., and other indirect commitment like statutory bonus.
Similarly, it is also important to compare the prevailing wage structures of the same or similar post in the same or similar type of industries in the region.
Therefore, you may devise the structure in such a manner that the sum of basic and dearness allowance constitutes not less than 70% of the total salary package.
From India, Salem
Basic rate should not be less than the minimum wages defined prescribed under the minimum wages act of 1948 , the minimum wages is consist of Basic+DA. sumit kumar saxena
From India, Ghaziabad
From India, Ghaziabad
Yes... Absolutely... Basic payment 15k is attractive for fresh candidates... So keep it up...
From India, Nazareth
From India, Nazareth
Dear Renuka,
The basic wages of the concerned employee would be as per the skill category and refer the rate of minimum wages of your state to calculate. Show the balance amount against daily allownce. The EPF shall be made under the basic wages earned. Whereas the ESI to be calculated on gross of 15000. The gratuity also calculate under the basic.
From India, Mumbai
The basic wages of the concerned employee would be as per the skill category and refer the rate of minimum wages of your state to calculate. Show the balance amount against daily allownce. The EPF shall be made under the basic wages earned. Whereas the ESI to be calculated on gross of 15000. The gratuity also calculate under the basic.
From India, Mumbai
Hi All, Please find attached state wise miminum wages. Hope this helps someone. Cheers Ajay kulkarni ajayoctave@outlook.com +91-8618516451
From India, Bangalore
From India, Bangalore
Dear All PFA copy of the SC Judgement on PF for Allowances dated 28th Feb '19 for information. N Nataraajhan, Sakthi Management Services (Hp : + 91 94835 17402 ; E-mail : natraj@sakthimanagement.com)
From India, Bangalore
From India, Bangalore
Dear Renuka, Greetings!! Please select the candidate in the category of Unskilled or semi skilled. Your problem will be solve. Thanks & Rgds
From India, Delhi
From India, Delhi
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Minimum wages- Basic.pdf
MINIMUM WAGE RATE IN UTTARANCHAL.doc