Dear Assosiates,
I am working as an HR Officer in a Pharmaceutical company. My company has the policy of including the bonus of 10% in the salary as CTC but they do not show in the deductions. How far it is correct??
Secondly, my company gives Rs. 3500 to temperory workers pm as fixed wages for 8 hrs. Is it below the ceiling of the Minimum Wages Act? Or it should be 184 Rs per day?
Please help
Thanks & Regards,
Indu Nair
From India, Muzaffarnagar
I am working as an HR Officer in a Pharmaceutical company. My company has the policy of including the bonus of 10% in the salary as CTC but they do not show in the deductions. How far it is correct??
Secondly, my company gives Rs. 3500 to temperory workers pm as fixed wages for 8 hrs. Is it below the ceiling of the Minimum Wages Act? Or it should be 184 Rs per day?
Please help
Thanks & Regards,
Indu Nair
From India, Muzaffarnagar
Hi Indu Nair,
Current Minimum Wage Rate in India
Legislative protection for workers to receive a minimum wage, can be considered as the hall mark of any progressive nation. It is one of the fundamental premises of decent work. In India, the Minimum Wages Act, 1948 provides for fixation and enforcement of minimum wages in respect of scheduled employments.
The Act aims to prevent sweating or exploitation of labour1( According to the NSSO (2004-05) 61st round, around 395 million workers (86%) out of the total workforce of around 457 million workers constitute the unorganized/informal sector. In fact 7% of those employed in organized sector has been identified as informal workers raising the toll of informal sector to 422 million (92%). )through payment of low wages by ensuring a minimum subsistence wage for workers. The Act also requires the appropriate government (both at Centre and States) to fix minimum rates of wages in respect of employments specified in the schedule and also review and revise the same at intervals not exceeding five years.
Currently, the number of scheduled employments in the Central sphere is 45 whereas in the States sphere the number is 1650 (when all states are counted). With effect from November 2009, the National Floor Level of Minimum Wage has been increased to Rs 100 per day from Rs 80 per day (which was in effect since 2007). Recently with effect from April 1, 2011 the National Floor Level of Minimum Wage has been raised to Rs 115 per day.
Since the respective state governments have been empowered to independently fix minimum wages, disparities between wages in neighboring states are common. In order to reduce this problem and bring comparability the Central government has set up 5 regional committees for harmonization of minimum wages.
From India, Mumbai
1Current Minimum Wage Rate in India
Legislative protection for workers to receive a minimum wage, can be considered as the hall mark of any progressive nation. It is one of the fundamental premises of decent work. In India, the Minimum Wages Act, 1948 provides for fixation and enforcement of minimum wages in respect of scheduled employments.
The Act aims to prevent sweating or exploitation of labour1( According to the NSSO (2004-05) 61st round, around 395 million workers (86%) out of the total workforce of around 457 million workers constitute the unorganized/informal sector. In fact 7% of those employed in organized sector has been identified as informal workers raising the toll of informal sector to 422 million (92%). )through payment of low wages by ensuring a minimum subsistence wage for workers. The Act also requires the appropriate government (both at Centre and States) to fix minimum rates of wages in respect of employments specified in the schedule and also review and revise the same at intervals not exceeding five years.
Currently, the number of scheduled employments in the Central sphere is 45 whereas in the States sphere the number is 1650 (when all states are counted). With effect from November 2009, the National Floor Level of Minimum Wage has been increased to Rs 100 per day from Rs 80 per day (which was in effect since 2007). Recently with effect from April 1, 2011 the National Floor Level of Minimum Wage has been raised to Rs 115 per day.
Since the respective state governments have been empowered to independently fix minimum wages, disparities between wages in neighboring states are common. In order to reduce this problem and bring comparability the Central government has set up 5 regional committees for harmonization of minimum wages.
From India, Mumbai
Dear,
Salary is a different part & ctc (cost to company) is different one.
CTC is the expense which a company has to bear w.r.t. a particular employee. It can include any facility whatever a company wants to offer to its employee. Gratuity, bonus, etc.
Salary is the fixed part.
It is not ethical to add gratuity, bonus, etc to salary as it is the only liability of employer which is payable to employee as reward towards his/her contribution to Company.
From India, Delhi
Salary is a different part & ctc (cost to company) is different one.
CTC is the expense which a company has to bear w.r.t. a particular employee. It can include any facility whatever a company wants to offer to its employee. Gratuity, bonus, etc.
Salary is the fixed part.
It is not ethical to add gratuity, bonus, etc to salary as it is the only liability of employer which is payable to employee as reward towards his/her contribution to Company.
From India, Delhi
Dear,
Paycheck India - Uttar Pradesh Minimum Wages, Minimum Wage Rate Uttar Pradesh 2012
Find the above link. It is applicable for the employees when categorized on the basis of skill in manufacturing concern.
If otherwise, please give me details.
From India, Delhi
Paycheck India - Uttar Pradesh Minimum Wages, Minimum Wage Rate Uttar Pradesh 2012
Find the above link. It is applicable for the employees when categorized on the basis of skill in manufacturing concern.
If otherwise, please give me details.
From India, Delhi
Dear Friend,
CTC = Cost to Company--> Arise when ? --> A person is employed --> The Company calculates and idenfies that if I employ this person, what are all to be given/paid to him... Therefore for this how much I have to spend on this new person. Therefore (Salary=Monthly Committment ; Perks=Periodical or Annual Commitment/Statutory Commitment). This clearly makes one to understand that all expenses be it salary or perks spent on maintaining that employee in roll is a part of CTC. Therefore adding Bonus to CTC is very correct.
Regards,
Suresh K
From India, Chennai
CTC = Cost to Company--> Arise when ? --> A person is employed --> The Company calculates and idenfies that if I employ this person, what are all to be given/paid to him... Therefore for this how much I have to spend on this new person. Therefore (Salary=Monthly Committment ; Perks=Periodical or Annual Commitment/Statutory Commitment). This clearly makes one to understand that all expenses be it salary or perks spent on maintaining that employee in roll is a part of CTC. Therefore adding Bonus to CTC is very correct.
Regards,
Suresh K
From India, Chennai
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