Hi Gaurav,
CTC Consits of Basic, HRA, Child Education Allow.Special Allowancing (Balancing Figure), Medical Reimbursement, Telephone Reimb. PF (12% of Basic Employer COntribution) ESIC (Employer Contribution 4.75%) Gratuity (4.81 % of Basic eligibility is after completion of 5 yerars of service ) Meal VOucher payable in the form of Voucher .
Piyush
From India, New Delhi
CTC Consits of Basic, HRA, Child Education Allow.Special Allowancing (Balancing Figure), Medical Reimbursement, Telephone Reimb. PF (12% of Basic Employer COntribution) ESIC (Employer Contribution 4.75%) Gratuity (4.81 % of Basic eligibility is after completion of 5 yerars of service ) Meal VOucher payable in the form of Voucher .
Piyush
From India, New Delhi
Dear Gaurav,
The Statutory components of CTC are:
1. Provident Fund
2. ESI (Gross salary of Rs.10000/- or less)
3. Bonus
4. Gratuity
5. Leave Encashment
Amit has correctly answered your query. However Insurance Premium is not a Statutory obligation.
Best Wishes,
Vasant Nair
HR Advisor
From India, Mumbai
90The Statutory components of CTC are:
1. Provident Fund
2. ESI (Gross salary of Rs.10000/- or less)
3. Bonus
4. Gratuity
5. Leave Encashment
Amit has correctly answered your query. However Insurance Premium is not a Statutory obligation.
Best Wishes,
Vasant Nair
HR Advisor
From India, Mumbai
My self Nisha working as a HR/Admin for past two years. Can anyone help to get the salary break up. I was trying to divide but then the sum of all is not equal to the total of Gross salary. I would request Please help me out this .
Gross Salary 70,000.00
Basic Salary 35,000.00 50%of Gross
HRA 17,500.00 50% of basic
Conveyance Allowance 800.00 fixed 9600p.a
LTA 2,917.07 One month's basic pay
Medical Insurance 1,250.00 fixed 15000 p.a
Other Allowance 7,000.00 20%of basic
TOTAL 64,467.07
From India, Gurgaon
Gross Salary 70,000.00
Basic Salary 35,000.00 50%of Gross
HRA 17,500.00 50% of basic
Conveyance Allowance 800.00 fixed 9600p.a
LTA 2,917.07 One month's basic pay
Medical Insurance 1,250.00 fixed 15000 p.a
Other Allowance 7,000.00 20%of basic
TOTAL 64,467.07
From India, Gurgaon
dear all, Prof tex will not a part of CTC & Only 12% of employer PF is a part of CTC Regards Madan Nayak
From India, Bangalore
From India, Bangalore
Dear Nisha, Are you sure Rs.70K is Gross Salary and not CTC. Please let me know the exact CTC and I will give you the break up. Vasant Nair
From India, Mumbai
From India, Mumbai
Dear Brother,
The current practice are differ for Staff & workman
For Staff :
Monthly basis :
Basic
HRA
Conveyance Allowance
Spl. Allowance
PF
Annual Benefits :
Medical Reimbursement
LTA
Bonus
Gratuity (Can only claim after completion of 5 years of service)
For workman :
Monthly basis :
Basic
HRA
Conveyance Allowance
Spl. Allowance
Medical Allowance
Education Allowance
Washing Allowance
PF
Annual Benefits :
LTA
Bonus
Gratuity (Can only claim after completion of 5 years of service)
From India,
The current practice are differ for Staff & workman
For Staff :
Monthly basis :
Basic
HRA
Conveyance Allowance
Spl. Allowance
PF
Annual Benefits :
Medical Reimbursement
LTA
Bonus
Gratuity (Can only claim after completion of 5 years of service)
For workman :
Monthly basis :
Basic
HRA
Conveyance Allowance
Spl. Allowance
Medical Allowance
Education Allowance
Washing Allowance
PF
Annual Benefits :
LTA
Bonus
Gratuity (Can only claim after completion of 5 years of service)
From India,
I am quite sure that people having taken wrong way. Gratuity, is never included in CTC. It is well wish (part of welfare) employer is paying on the succesful completion of 5 years and more. Further on PF part only 12% is calculation and ESI, 1.75% but some of companies even don't these into the CTC. - As this is also part of welfare part honory given my employer in compulsion of the Govt.
From India, Vadodara
From India, Vadodara
Dear Gaurav,
CTC is like cost to company.So company has to take decision while making CTC.But mostly these components are coming Basic,HRA,Con.allow,OD.allow(if u have feild staff) ,PF,Gratiuity,Ex-gratia/bonus,ESI.
And more over PT is deducted on Gross salary of Employee its not coming under CTC.
Based on position of Employee also the CTC is going to be decide like
Grade-1,
Grade-2,
Grade-3.
Regards
Malini.
From India, Hyderabad
CTC is like cost to company.So company has to take decision while making CTC.But mostly these components are coming Basic,HRA,Con.allow,OD.allow(if u have feild staff) ,PF,Gratiuity,Ex-gratia/bonus,ESI.
And more over PT is deducted on Gross salary of Employee its not coming under CTC.
Based on position of Employee also the CTC is going to be decide like
Grade-1,
Grade-2,
Grade-3.
Regards
Malini.
From India, Hyderabad
Dear All,
Thanks for answering my query. It really helped me for the presentation.
However please help in understanding the compulsory components in CTC. (I believe basic is one of them.)
Thank in advance,
Gaurav
-----------------------------
From India, Pune
Thanks for answering my query. It really helped me for the presentation.
However please help in understanding the compulsory components in CTC. (I believe basic is one of them.)
Thank in advance,
Gaurav
-----------------------------
From India, Pune
Hi Nisha,
PF
PF is contributed @ 12% of basic salary from both the sides employee as well as employer.. Out of this 12+12 = 24%, 8.33% goes to Pension Fund and rest 15.67% goes to Provident Fund ..
For the calculation the maximum limit of Basic is Rs 6500/-. It means even if the employee's basic salary is above Rs 6500/- the employer is liable to contribute only on Rs 6500/-, that is Rs 780. However if an employee so desires he may voluntarily contribute more than 12%. Apart from it an employer also has to pay some administration charges.
A/c No 1: PF contribution Account (12% of employee+3.67% of employer)
A/c No 2: PF Admin account (1.1 % of Basic)
A/c No 10: EPS account (8.33% of basic)
A/c No 21: EDLIS account (0.5% of basic)
A/c No 22: EDLIS admin account (0.01% of basic)
ESIC
ESI is contributed from both the sides Employee as well as Employer.
It is been calculated on the basis of Gross salary per month and the maximum ceiling is 10000 Rs./Month.
The contribution from both the sides is as below-
Employee Side- 1.75% of gross/month
So if gross of an employee is 8000/month then
ESI contribution would be 8000*1.75% = 140 Rupees
Employer side- 4.75% of gross/month
ESI contribution would be 8000* 4.75% = 380 Rupees.
Employees have to fill up a declaration form FORM 1, written clearly Male or Female. All the declaration forms should be counter signed by the employer.
Then prepare a return of declaration in form 3 separate for Male & Female within 10 days of filling of declaration form.
Then every employee shall be alloted an temporary identification number.
Regards,
Amit Seth.
From India, Ahmadabad
PF
PF is contributed @ 12% of basic salary from both the sides employee as well as employer.. Out of this 12+12 = 24%, 8.33% goes to Pension Fund and rest 15.67% goes to Provident Fund ..
For the calculation the maximum limit of Basic is Rs 6500/-. It means even if the employee's basic salary is above Rs 6500/- the employer is liable to contribute only on Rs 6500/-, that is Rs 780. However if an employee so desires he may voluntarily contribute more than 12%. Apart from it an employer also has to pay some administration charges.
A/c No 1: PF contribution Account (12% of employee+3.67% of employer)
A/c No 2: PF Admin account (1.1 % of Basic)
A/c No 10: EPS account (8.33% of basic)
A/c No 21: EDLIS account (0.5% of basic)
A/c No 22: EDLIS admin account (0.01% of basic)
ESIC
ESI is contributed from both the sides Employee as well as Employer.
It is been calculated on the basis of Gross salary per month and the maximum ceiling is 10000 Rs./Month.
The contribution from both the sides is as below-
Employee Side- 1.75% of gross/month
So if gross of an employee is 8000/month then
ESI contribution would be 8000*1.75% = 140 Rupees
Employer side- 4.75% of gross/month
ESI contribution would be 8000* 4.75% = 380 Rupees.
Employees have to fill up a declaration form FORM 1, written clearly Male or Female. All the declaration forms should be counter signed by the employer.
Then prepare a return of declaration in form 3 separate for Male & Female within 10 days of filling of declaration form.
Then every employee shall be alloted an temporary identification number.
Regards,
Amit Seth.
From India, Ahmadabad
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