I would be framing the CTC structure of our company (software+BPO), i want to know if there is any statutory ruling about the minimum amount of basic that needs to be paid out. say for instance:5000 P.M. is the CTC
Basic: 15,00(30% of 5000)
HRA: 750 (50% of the basic)
Attendance Allowance: 1000
Grade Allowance: 500
Special Allowance:1250
I just want to know if 1500 P.M. of basic is all right or not.
I have the "REVISED MIN WAGES: WB: with me, but I could not get anything from it.
It would be good if you could help me out with this.
From India, Delhi
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20Basic: 15,00(30% of 5000)
HRA: 750 (50% of the basic)
Attendance Allowance: 1000
Grade Allowance: 500
Special Allowance:1250
I just want to know if 1500 P.M. of basic is all right or not.
I have the "REVISED MIN WAGES: WB: with me, but I could not get anything from it.
It would be good if you could help me out with this.
From India, Delhi
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What is the position?Which State?
There is no law about Basic we need to deduce from Minimum Wages. Say if Minimum Wages is applicable to the industary and to that job, then whatever is the minimum Basic plus Da prescribed ahould be fixed as Basic
Give more info to help u tounderstand better
Siva
From India, Chennai
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There is no law about Basic we need to deduce from Minimum Wages. Say if Minimum Wages is applicable to the industary and to that job, then whatever is the minimum Basic plus Da prescribed ahould be fixed as Basic
Give more info to help u tounderstand better
Siva
From India, Chennai
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Ayona,
From what I know - your basic needs to be a minimum of 40% of the overall CTC. And HRA is 40% of the basic. This is as per the new regulations.
And as far as I know the minimum wage applies to the overall salary taken home - not the basic or anything.
Hope this helps.
Thx
Chitra
From India, Pune
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From what I know - your basic needs to be a minimum of 40% of the overall CTC. And HRA is 40% of the basic. This is as per the new regulations.
And as far as I know the minimum wage applies to the overall salary taken home - not the basic or anything.
Hope this helps.
Thx
Chitra
From India, Pune
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(Fact Check Failed/Partial)-The user reply contains incorrect information regarding the minimum percentage of basic salary in the CTC structure and the calculation of HRA. The correct minimum percentage for basic salary in CTC is generally 50%, and HRA is usually calculated as 40-50% of the basic salary. The minimum wage laws do apply to the basic salary component as well.
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Dear Chitra Minimum wages will include only the Basic and DA as per judgement of SC If you provide other benmefits and still pay lesser Baisc and DA you are nopt meeting the requirements of Law Siva
From India, Chennai
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From India, Chennai
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(Fact Check Failed/Partial)-The user reply is partially correct. While it is true that minimum wages should include Basic and DA, other benefits can be provided but not at the expense of Basic and DA.
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hello Sivasankaran,
I am in WB, and my company has both the software and the BPO division,
and as specified earlier, I want to know what is the minimum amount that we can give out as basic, is there any statutory ruling regarding that?
I am attaching herewith the revised salary for all the states, I however do not know if thats current or not.
We are a software company and we also have the BP0 division! do let me know.
Is is that DA + basic will have to be 50% of the CTc? we do not have DA though
thanks and regards,
Ayona
From India, Delhi
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I am in WB, and my company has both the software and the BPO division,
and as specified earlier, I want to know what is the minimum amount that we can give out as basic, is there any statutory ruling regarding that?
I am attaching herewith the revised salary for all the states, I however do not know if thats current or not.
We are a software company and we also have the BP0 division! do let me know.
Is is that DA + basic will have to be 50% of the CTc? we do not have DA though
thanks and regards,
Ayona
From India, Delhi
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(Fact Check Failed/Partial)-The information provided in the user reply is not entirely accurate. The concept of Dearness Allowance (DA) is not mandatory in the salary structure. The basic pay should adhere to the minimum wage requirements as per the state laws. It is crucial to refer directly to the Minimum Wages Act of the specific state, rather than relying solely on a generalized document.
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it is not necessary if you paid more than mini.waged than its on you to decide the basic.but if you pay only mini wages than its applicable to total amount e.g basic + d.a, but in this case also p.f. act not define any limit as some company bifurcatinf mini ages into basic(50%) +hra(25%) + conveynce (25%), as in Mini wages act it not define in p.f.act
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(Fact Check Failed/Partial)-The user's reply contains inaccuracies regarding the minimum wages and PF Act regulations. The PF Act does have provisions regarding the minimum basic wages to be considered for PF contributions. It is essential to comply with minimum wages regulations as mandated by law.
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hi All
I require a small clarification what should be the salary structure for take home salary of 7500/- Rs
Pl help me out inthis matter
How should i consider the ESI (1.75%)
My components
Basic 3000
HRA 1800
conveyance 1500
others 1200
--_________
NEt Home 7500
PT 80
PF
ESI
What should be the ESI and PF Calculation for the above Package Pl heklp me out in this regard
Waiting for a reply
From India, Hyderabad
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I require a small clarification what should be the salary structure for take home salary of 7500/- Rs
Pl help me out inthis matter
How should i consider the ESI (1.75%)
My components
Basic 3000
HRA 1800
conveyance 1500
others 1200
--_________
NEt Home 7500
PT 80
PF
ESI
What should be the ESI and PF Calculation for the above Package Pl heklp me out in this regard
Waiting for a reply
From India, Hyderabad
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(Fact Checked)-The ESI deduction should be 1.75% of the gross salary (3000+1800+1500+1200 = 7500). PF calculation should be 12% of basic (3000) and DA if any. PT is correct at Rs. 80. (1 Acknowledge point)
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Hi Nanda Kishore
ESI is calculated on Basic, DA, CCA, Conveyance and all the allowance except washing allowance, which is allwable for any manufacturing unit.
That is on the gross earnings of a person. Its again not applicable if person's gross salary is more than Rs. 10,000.
And in case of PF it is given only on Basic.
HRA is calculated at 40% of Basic if its a non-metro city, and at 50% if its a metro)
So ur break may be as below.
Basic 3000 (40% of sfixed salary)
HRA 1200 (40% Basic)
Conceyance 1800
Others 1500
Total Earnings(a) 7500
Deductions:
Employees contribution to PF : 360 (12% of 3000)
Employees contribution to ESI Fund : 131 (1.75% of 7500)
Professional tax : 80
Total deductions(b)571 (360+131+80)
Take Home (a)-(b)= 7500-571= 6929.
Correct me friends, if I am wrong
regards
Debasmita
From India, Bhubaneswar
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ESI is calculated on Basic, DA, CCA, Conveyance and all the allowance except washing allowance, which is allwable for any manufacturing unit.
That is on the gross earnings of a person. Its again not applicable if person's gross salary is more than Rs. 10,000.
And in case of PF it is given only on Basic.
HRA is calculated at 40% of Basic if its a non-metro city, and at 50% if its a metro)
So ur break may be as below.
Basic 3000 (40% of sfixed salary)
HRA 1200 (40% Basic)
Conceyance 1800
Others 1500
Total Earnings(a) 7500
Deductions:
Employees contribution to PF : 360 (12% of 3000)
Employees contribution to ESI Fund : 131 (1.75% of 7500)
Professional tax : 80
Total deductions(b)571 (360+131+80)
Take Home (a)-(b)= 7500-571= 6929.
Correct me friends, if I am wrong
regards
Debasmita
From India, Bhubaneswar
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(Fact Check Failed/Partial)-The ESI is applicable if the gross salary is up to Rs. 21,000. PF is calculated on Basic, DA. HRA is 40% non-metro, 50% metro. Your structure needs adjustment.
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Dear All, Please note that the Basic wages should be Arround 60% of Gross Wages. Basic wages should not be less than minimum wages of state. Regards. U. C. Kaushik 9911366133
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(Fact Check Failed/Partial)-[B]Response[/B]: The Basic wages should ideally be 50-60% of the CTC, not Gross Wages. Basic wages must meet state minimum wage requirements.
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[quote=ayonadehr;387850]hi,
I would be framing the CTC structure of our company (software+BPO), i want to know if there is ant statutory ruling about the minimum amount of basic that needs to be paid out. say for instance:5000 P.M. is the CTC
Basic: 15,00(30% of 5000)---- keep 35% or more % as basic, its necessary for p.f. basic rules. as well as the min.wages act.
HRA: 750 (50% of the basic)----- min.wage means basic+hra&da its must be more than 103.10 rs. per days wages. so keeps yours min.wages more than 2800 Rs.. if the D.A. INCREASE THAN YOU HAVE TO INCREASE YOURS
MIN WAGES..SO KEEP YOURS MIN. WAGES MORE SO YOU DONT NEED YOURS MIN. WAGES REVISE DURRING YEAR..
I just want to know if 1500 P.M. of basic is all right or not. ----- ITS NOT RIGHT WAY TO KEEP BASIC...
I have the "REVISED MIN WAGES: WB: with me, but I could not get anything from it. -0----- FROM WHICH STATE YOU ARE.. ITS UP TO STATE RULES FOR MIN WAGES REVISED...
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I would be framing the CTC structure of our company (software+BPO), i want to know if there is ant statutory ruling about the minimum amount of basic that needs to be paid out. say for instance:5000 P.M. is the CTC
Basic: 15,00(30% of 5000)---- keep 35% or more % as basic, its necessary for p.f. basic rules. as well as the min.wages act.
HRA: 750 (50% of the basic)----- min.wage means basic+hra&da its must be more than 103.10 rs. per days wages. so keeps yours min.wages more than 2800 Rs.. if the D.A. INCREASE THAN YOU HAVE TO INCREASE YOURS
MIN WAGES..SO KEEP YOURS MIN. WAGES MORE SO YOU DONT NEED YOURS MIN. WAGES REVISE DURRING YEAR..
I just want to know if 1500 P.M. of basic is all right or not. ----- ITS NOT RIGHT WAY TO KEEP BASIC...
I have the "REVISED MIN WAGES: WB: with me, but I could not get anything from it. -0----- FROM WHICH STATE YOU ARE.. ITS UP TO STATE RULES FOR MIN WAGES REVISED...
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(Fact Checked)-[response] (1 Acknowledge point)
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(Fact Check Failed/Partial)-The user reply contains some inaccuracies. The Minimum Wages Act does provide guidelines on the minimum basic wages to be paid, not solely deduced from minimum wages. The Basic wage should meet the minimum prescribed by the law. Please refer to the Minimum Wages Act for accurate details.