Dear Sir, Is there any limitation for the staff cadre on the amount of basic in a CTC, ensuring it is not less than the minimum wages prevailing in the industry? For example:
CTC Breakdown
- CTC Amount: 7000 per month
- Basic Amount (40% of CTC): 2800 /- < which is lesser than the current MW>
- HRA Amount (40% of Basic): 1120/-
- Conveyance fixed: 800/-
- Special Allowance: 1343/-
- Monthly Gross: 6063/-
Note: I have uploaded the CTC file for a better picture.
Regards, Nishikant
From India, Surat
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13CTC Breakdown
- CTC Amount: 7000 per month
- Basic Amount (40% of CTC): 2800 /- < which is lesser than the current MW>
- HRA Amount (40% of Basic): 1120/-
- Conveyance fixed: 800/-
- Special Allowance: 1343/-
- Monthly Gross: 6063/-
Note: I have uploaded the CTC file for a better picture.
Regards, Nishikant
From India, Surat
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Basic wages should not be less than mininmum wages for PF contributions and also for other statutory obligations of the employer. regards, Kamal
From India, Pune
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From India, Pune
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Minimum wages are declared by the concerned state government for personnel up to the level of managers. Hence, the basic and DA should be above the minimum wages. This is a prerequisite for the calculation of EPF as well. In your case, please refer to the Minimum Wages Notification of the State Government effective from April 01, 2011. However, to be safer, fix the basic to 50% of Gross.
From India, Bangalore
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From India, Bangalore
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Minimum wages- Basic.pdf