Gud Evening Everyone...
Please let know that what is the exact meaning of CTC,Gross and Net? What is the method of calculating it? Is it varies from company to company or the calculation is fixed?
Sana
From India, New Delhi
Please let know that what is the exact meaning of CTC,Gross and Net? What is the method of calculating it? Is it varies from company to company or the calculation is fixed?
Sana
From India, New Delhi
CTC -Means Cost to Company - It Calculating same method in all Companies Gross - pay without any deductions for your Worked days and CL NET : Gross minus deductions
From India, Coimbatore
From India, Coimbatore
Hi Sana,
The contents of the salary break up is as below, you can prepare it at the suitability of your own. HRA would be 50 or 60% of basic.
Basic
HRA
TA
Other Allowance
Mobile Reimbursement / Month
Gross Per Month = Sum of all the above.
Gross Per Annum= 12*Gross/Month
PF Contribution= 12% of Basic/Annum
ESI Contribution = 4.75% of Gross/Annum
Medical = The mediclaim facility provided to an employee who are not covered under ESI as the maximum ceiling for ESI is 10000/Month.
Getting more than this will be covered under Mediclaim or it depends on company policy
EX-Gratia/Bonus = A fixed amount as Bonus
Annual Fixed Gross Cost= Gross/Annum+ Ex-gratia
Annual Total Cost = AFGC + PF+ESIC
Annual total cost is also called as CTC.
Hope now it will be very much clear to you,
if you have any query feel free to ask.
Regards,
Amit Seth.
From India, Ahmadabad
496The contents of the salary break up is as below, you can prepare it at the suitability of your own. HRA would be 50 or 60% of basic.
Basic
HRA
TA
Other Allowance
Mobile Reimbursement / Month
Gross Per Month = Sum of all the above.
Gross Per Annum= 12*Gross/Month
PF Contribution= 12% of Basic/Annum
ESI Contribution = 4.75% of Gross/Annum
Medical = The mediclaim facility provided to an employee who are not covered under ESI as the maximum ceiling for ESI is 10000/Month.
Getting more than this will be covered under Mediclaim or it depends on company policy
EX-Gratia/Bonus = A fixed amount as Bonus
Annual Fixed Gross Cost= Gross/Annum+ Ex-gratia
Annual Total Cost = AFGC + PF+ESIC
Annual total cost is also called as CTC.
Hope now it will be very much clear to you,
if you have any query feel free to ask.
Regards,
Amit Seth.
From India, Ahmadabad
Dear Sana, We have to deduct PF, ESI & Professional Tax on Gross salary. If he is comes to Income Tax that deduction has to be deduct. This is for your information.. Regards VENKAT HR MANAGER
From India, Hyderabad
From India, Hyderabad
HI SANA,
We can deduct the following from the employee gross salary : -
1. 12% PF of Monthly basic earning.
2. 1.75% ESIC of monthly gross earning+Overtime+Incentive (If he is covered in ESIC.
3. P.T if applicable in your State.
4. Advance if any.
5. Panelty/Damages etc.
Rgds/Jiten.
From India, New Delhi
We can deduct the following from the employee gross salary : -
1. 12% PF of Monthly basic earning.
2. 1.75% ESIC of monthly gross earning+Overtime+Incentive (If he is covered in ESIC.
3. P.T if applicable in your State.
4. Advance if any.
5. Panelty/Damages etc.
Rgds/Jiten.
From India, New Delhi
Hi every body,
I would like to put my query as below,
My query is related to rate of minimum wage.
As Per Minimum wage for skilled labour under shops and establishment is 2500 ( assumption ). As we know that Minimum wage is nothing but Basic + D.A. So while i do the structure whether i should consider the Basic as minimum wage or Gross as minimum wage. Hope my question is clear.
Can anybody help for salary structure if minimum wage is RS 2500 and CTC should be around 3300.
Regards,
I would like to put my query as below,
My query is related to rate of minimum wage.
As Per Minimum wage for skilled labour under shops and establishment is 2500 ( assumption ). As we know that Minimum wage is nothing but Basic + D.A. So while i do the structure whether i should consider the Basic as minimum wage or Gross as minimum wage. Hope my question is clear.
Can anybody help for salary structure if minimum wage is RS 2500 and CTC should be around 3300.
Regards,
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GROSS SALARY&CTC FOR 15500.xls