u r saying gross salary 25000/- but ESIC applicable only gross salary 15000/-, above 15000/- gross salary ESIC not applicable
From India, Vijayawada
From India, Vijayawada
Hi Anjali
Its not Special Allowances-1004.40,it should be Dearness allowance-1004.40
and ESIC is not required in this because the gross salary is more than 15000.00,you should not deduct from the grosss(1.75%) and you should not make payment also(4.75%).
Net MOnthly Payment-23542+E S I C (@1.75%) Insurance 437=23979
CTC-27119.18-1187.48=25931.70
Everything else is Correct.
Pabitra Bishnu Acharya
From India, Hyderabad
Its not Special Allowances-1004.40,it should be Dearness allowance-1004.40
and ESIC is not required in this because the gross salary is more than 15000.00,you should not deduct from the grosss(1.75%) and you should not make payment also(4.75%).
Net MOnthly Payment-23542+E S I C (@1.75%) Insurance 437=23979
CTC-27119.18-1187.48=25931.70
Everything else is Correct.
Pabitra Bishnu Acharya
From India, Hyderabad
Anjali, As per act employee eligible for ESI when his salary is less than 15000/- and how come you are showing in your salary structure. and house rent allowance also i may feel wrong. regards vani
From India, Hyderabad
From India, Hyderabad
i think you all who is writing in this matter its like funny discussion.. it is bad discussion... every one know a good salary structure who is working in corporate sector.
From India, Haldwani
From India, Haldwani
Dear Anjali,
Its really confusable data which provided by the consultant
U can also Prepare a salary structure in following way
Gross Salary = 25000
Basic Salary = 15000 (60% of Gross Salary)
Hra = 7500 (50% of Basic)
Conv. = 2500 ( Rest Amount)
Total = 25000 pm
Deduction
Pf = 1800 (12% of Basic)
Lwf = ? (According to law)
Pt = ? (If applicale in state accordingly)
Esi = Not applicable in this case ( Gross Salary is more than 15000)
Total Deduction = 23200 ( In above case)
Neeraj Sharma
From India, Delhi
Its really confusable data which provided by the consultant
U can also Prepare a salary structure in following way
Gross Salary = 25000
Basic Salary = 15000 (60% of Gross Salary)
Hra = 7500 (50% of Basic)
Conv. = 2500 ( Rest Amount)
Total = 25000 pm
Deduction
Pf = 1800 (12% of Basic)
Lwf = ? (According to law)
Pt = ? (If applicale in state accordingly)
Esi = Not applicable in this case ( Gross Salary is more than 15000)
Total Deduction = 23200 ( In above case)
Neeraj Sharma
From India, Delhi
Sorry its not total deduction its inhand salary Total ded. is = 1800/- Now 25000 - 1800 = 23200 pm/- Neeraj Sharma
From India, Delhi
From India, Delhi
what are the rulls that who will get allowances or not like HRA, PF ESI ETC. Is it depend on basic wages or something else
From India, Delhi
From India, Delhi
Dear Anjali,
i will try my best to make it easy for you. do not get confused..
1. Keep the basic salary above minimum wages applicable to your locality. Balance part of the salary may be bifurcated into other allowances.
2. PF is to be deducted on basic salary @ 12% from employee.
3. ESIC is applicable only if the gross salary is 15000 or less.
4. LWF is applicable only to employees below supervisory level.
5. some companies add gratuity to the CTC. It is to be calculated on basic @4.8% (basic salary/26*15*no of years of service). Eligibility for gratuity is that the employee has to complete 5 years of continuous service.
for any further clarification you may reply!!!
Regards!!
From India, Chicalim
2i will try my best to make it easy for you. do not get confused..
1. Keep the basic salary above minimum wages applicable to your locality. Balance part of the salary may be bifurcated into other allowances.
2. PF is to be deducted on basic salary @ 12% from employee.
3. ESIC is applicable only if the gross salary is 15000 or less.
4. LWF is applicable only to employees below supervisory level.
5. some companies add gratuity to the CTC. It is to be calculated on basic @4.8% (basic salary/26*15*no of years of service). Eligibility for gratuity is that the employee has to complete 5 years of continuous service.
for any further clarification you may reply!!!
Regards!!
From India, Chicalim
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