Hi All, I’m a budding HR & new to this forum.Pls help with the salary structure and rules pertaining to salary structure. Regards, Deepu
From India, Coimbatore
1From India, Coimbatore
The salary structure is determined based on lot of factors: position, amount of salary, age, marital status, vehicle ownership, nature of residential accomodation, reimbursements (company policies vis a vis employee's convenience), option for LTA etc. Generally accepted structure is:
Basic Pay: 30% to 50% of the Gross Annual Remuneration
HRA: 50% (metro) or 40% (non-metro) of the Basic pay
Transportation Allowance: Rs. 9,600 p.a. (if company does not provide car or Fuel Reimbursement to the employee)
Children Education Allowance: 1200 Rs. p.a. per child subject to maximum of two kids
Special Allowance:
Reimbursements:
I. Medical Reimbursement: Rs. 15000 p.a.
II. Books & Periodicals: Rs. 15000 p.a. (subjective)
III. Leave Travel Allowance: ________ (subjective)
IV. Mobile Bill Reimbursement: (subjective)
V. Mobile Instrument Reimbursement: (subjective)
VI. Annual Bonus: _____ (minimum 8.33% of pay)
VII. Gratuity: _____________ (it could be added as part of the CTC)
VIII. Employer's contribution to PF: 12% of Annual Basic Pay
Like this, there can be lot more heads for paying salary (depending on the taxability).
Regards
SS
Basic Pay: 30% to 50% of the Gross Annual Remuneration
HRA: 50% (metro) or 40% (non-metro) of the Basic pay
Transportation Allowance: Rs. 9,600 p.a. (if company does not provide car or Fuel Reimbursement to the employee)
Children Education Allowance: 1200 Rs. p.a. per child subject to maximum of two kids
Special Allowance:
Reimbursements:
I. Medical Reimbursement: Rs. 15000 p.a.
II. Books & Periodicals: Rs. 15000 p.a. (subjective)
III. Leave Travel Allowance: ________ (subjective)
IV. Mobile Bill Reimbursement: (subjective)
V. Mobile Instrument Reimbursement: (subjective)
VI. Annual Bonus: _____ (minimum 8.33% of pay)
VII. Gratuity: _____________ (it could be added as part of the CTC)
VIII. Employer's contribution to PF: 12% of Annual Basic Pay
Like this, there can be lot more heads for paying salary (depending on the taxability).
Regards
SS
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SALARY CAN BE SPLIT INTO COMPONENTS BUT NOT LESS THAN THE MINIMUM WAGES.docx