Hi resma,
The pay roll is the consolidate statement of salary of all employee at the location and all deduction and earning and take home salary show in that.
Compensation mean its payable to employee at the time of any mishapning of employee.
thanks
Manoj
From India, Delhi
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11The pay roll is the consolidate statement of salary of all employee at the location and all deduction and earning and take home salary show in that.
Compensation mean its payable to employee at the time of any mishapning of employee.
thanks
Manoj
From India, Delhi
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Dear Sir,
Thanks for correcting my mistake. I actually meant revision of D.A. in every six moths. But now most organisation not differentiate Basic and D.A. They simply mention "Basic" only which include D.A.
Thanks for your correction.
Kumaran siva
From India, Delhi
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Thanks for correcting my mistake. I actually meant revision of D.A. in every six moths. But now most organisation not differentiate Basic and D.A. They simply mention "Basic" only which include D.A.
Thanks for your correction.
Kumaran siva
From India, Delhi
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(Fact Check Failed/Partial)-The user's reply is incorrect. In the context of CTC structures, Basic and Dearness Allowance (D.A.) are separate components. Basic needs to adhere to minimum wage laws, and D.A. is calculated separately. It's crucial to maintain this distinction for compliance.
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Dear Arun
Refer to Manganese Ore Limited case in 1991 (Supreme Court).
It was held that Attendance Bonus is not wages. SC held that incentives do not fall under Minimum wages. In the same case it also held food concessions unless specified by the Govt in notification will not be considered for Minimum Wages
This judgement was elaborate.
I have not seen the jnudgement refered by you. So with the understanding I have on this subject based on the above judgement and a few Karnataka High Court judgement, Basic and DA alone will be taken
Siva
From India, Chennai
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Refer to Manganese Ore Limited case in 1991 (Supreme Court).
It was held that Attendance Bonus is not wages. SC held that incentives do not fall under Minimum wages. In the same case it also held food concessions unless specified by the Govt in notification will not be considered for Minimum Wages
This judgement was elaborate.
I have not seen the jnudgement refered by you. So with the understanding I have on this subject based on the above judgement and a few Karnataka High Court judgement, Basic and DA alone will be taken
Siva
From India, Chennai
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(Fact Check Failed/Partial)-The information provided in the user reply is partially correct. While the reference to the Manganese Ore Limited case in 1991 by the Supreme Court is valid regarding certain aspects of wages, the conclusion drawn about Basic and DA alone being considered for minimum wages is not entirely accurate. It is important to consider other components and ensure compliance with the relevant laws and regulations.
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dear all,
i seen so many response to the question of CTC and Minimum Wages. What i suggest, when you make break up of ctc try to follow:-
BASIC - According to Minimum Wages or 40-50 of C.T.C.(whatever is high)
H.R.A - Balance of Minimum Wages or maximum 50%
Conv - Balance of M.W. & H.R.A. maximum of Rs. 800/-
Medical - Balance of M.W.,H.R.A. & Conv. maximum of Rs. 1250/- p.m.
P.F. - 12% of total basic or 12% on Rs. 6500/-
ESI - 4.75% of gross if gross less than Rs. 10000/-
Bonus - 8.33% of basic or 8.33% on Rs. 3500/-
O.Allow.- Balance amount of all the above components.
If there is any canteen and bus facility that can also be included in it.
Please expect others suggestion also.
thanks
kumaran siva
From India, Delhi
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i seen so many response to the question of CTC and Minimum Wages. What i suggest, when you make break up of ctc try to follow:-
BASIC - According to Minimum Wages or 40-50 of C.T.C.(whatever is high)
H.R.A - Balance of Minimum Wages or maximum 50%
Conv - Balance of M.W. & H.R.A. maximum of Rs. 800/-
Medical - Balance of M.W.,H.R.A. & Conv. maximum of Rs. 1250/- p.m.
P.F. - 12% of total basic or 12% on Rs. 6500/-
ESI - 4.75% of gross if gross less than Rs. 10000/-
Bonus - 8.33% of basic or 8.33% on Rs. 3500/-
O.Allow.- Balance amount of all the above components.
If there is any canteen and bus facility that can also be included in it.
Please expect others suggestion also.
thanks
kumaran siva
From India, Delhi
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(Fact Check Failed/Partial)-The user's reply contains inaccuracies in the calculation of components like Basic, HRA, Conv, Medical, PF, ESI, and Bonus. The correct structure should align with statutory requirements and percentages. Please refer to the latest labor laws for accurate calculations.
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dear reshma,
According to me, payrole is a particular amount payable to an employee for performing a particular job for fixed hours of work (monthly or daily). But compensation is a social security provided by law for an employee to some benefit apart from his salary for any kind of loss he suffered, whether physical or financial, whether due to his mistake or not, keeping in mind the future of the employee. For eg.: compensation for accident during working or retrenchment compensation for termination of service etc.
thanks,
kumaran siva
From India, Delhi
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According to me, payrole is a particular amount payable to an employee for performing a particular job for fixed hours of work (monthly or daily). But compensation is a social security provided by law for an employee to some benefit apart from his salary for any kind of loss he suffered, whether physical or financial, whether due to his mistake or not, keeping in mind the future of the employee. For eg.: compensation for accident during working or retrenchment compensation for termination of service etc.
thanks,
kumaran siva
From India, Delhi
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(Fact Check Failed/Partial)-[The user reply does not directly address the specific question regarding the minimum amount of basic that needs to be paid out in a CTC structure. Instead, it discusses the difference between payroll and compensation. The focus should be on the statutory ruling related to the minimum basic pay in a CTC structure.]
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dear member, ESIC is applicable on Gross salary up Rs.10000/- only and employee contribution is 1.75% and employer contribution is 4.75%. thanks kumaran siva
From India, Delhi
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From India, Delhi
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(Fact Check Failed/Partial)-The user reply contains incorrect information regarding the ESIC threshold. The ESIC threshold for applicability is based on gross salary up to Rs. 21,000, not Rs. 10,000.
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as per my opinion and knowledge min basic should not be less than mention in minimum wages decided by the govt pankaj
From India, Mumbai
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From India, Mumbai
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(Fact Check Failed/Partial)-The user reply is partially correct. The Minimum Wages Act does not mandate a specific minimum for the basic salary. However, the basic salary should meet the minimum wage requirements set by the state government. More specific guidance can be found in the "Minimum Wages Act, 1948."
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Hi Dileep,
Pls note..
Eligibility : Any employee whose Gross Salary is < or = 10,000 would fall under the ESIC Bracket.
However, ESIC gets calulated as follows :
Employees' Contribution : 1.75% of gross salary
Employer's Contribution : 4.75% of Gross Salary
Regards
From India, Mumbai
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Pls note..
Eligibility : Any employee whose Gross Salary is < or = 10,000 would fall under the ESIC Bracket.
However, ESIC gets calulated as follows :
Employees' Contribution : 1.75% of gross salary
Employer's Contribution : 4.75% of Gross Salary
Regards
From India, Mumbai
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(Fact Check Failed/Partial)-The user's reply is partially correct. While the information about ESIC contributions for employees with gross salary less than or equal to 10,000 is accurate, the deduction percentage mentioned is incorrect.
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Hi, As Far As I Know From The New Rules, Basic Should Be 50% Of Gross And Hra Is 40%of Basic. Ta - 800/month - Fixed, Medical - 1250/month - Fixed. Regards, Sowmya N
From India, Hyderabad
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From India, Hyderabad
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(Fact Check Failed/Partial)-The user reply contains incorrect information regarding the percentage of Basic and HRA. The statutory ruling for Basic and HRA percentages may vary by region, but typically Basic should be higher than 30% and HRA is usually around 40-50% of Basic. It's essential to ensure compliance with the specific laws in your region.
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Dear Ayona Gross salary must be as per minimus wages say if minimum wage of your state is 4500/- for Un skilled then we can set 1500/- as a basic
From India, Mumbai
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From India, Mumbai
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(Fact Check Failed/Partial)-The user reply is incorrect. As per laws, basic wages should meet the minimum wage requirements set by the state, but it cannot be a fixed percentage of CTC. Reference: Minimum Wages Act.
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(Fact Check Failed/Partial)-The user reply contains some inaccuracies. The payroll is not just a consolidated statement; it includes the individual components of an employee's salary. Compensation is broader than mishaps. It includes all payments made to an employee. Thank you for your input.