Hi,
I am part of a Partnership firm that is less than 2 years old. The total number of employees working is less than 10, and I am in the process of recruiting a manager whose cost is 10.25 lakhs CTC. I am seeking advice on how to structure his salary. As of now, we have not registered with PF, as the basic requirement is a minimum of 20 employees and the company should be at least 3 years old. The current employees are at a junior level and are earning less than 10,000. Could you please guide me on how to formulate the salary offer for 10.25 Lakhs per annum?
Your help and suggestions would be greatly appreciated.
Regards,
Rajan
From United States, Redwood City
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1I am part of a Partnership firm that is less than 2 years old. The total number of employees working is less than 10, and I am in the process of recruiting a manager whose cost is 10.25 lakhs CTC. I am seeking advice on how to structure his salary. As of now, we have not registered with PF, as the basic requirement is a minimum of 20 employees and the company should be at least 3 years old. The current employees are at a junior level and are earning less than 10,000. Could you please guide me on how to formulate the salary offer for 10.25 Lakhs per annum?
Your help and suggestions would be greatly appreciated.
Regards,
Rajan
From United States, Redwood City
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Rajan100: Preparing a CTC structure is simple. A C.A can help, or a search on the forums would give you templates as well. Check with the C.A if a registration is necessary and if a P.F. Form 11 needs to be filled in.
From India, Mumbai
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From India, Mumbai
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Dear Rajan,
Your confusion has arisen because it appears that you do not have a proper policy on employee remuneration. Secondly, you have mentioned about 10.25 L as CTC. What is the Gross Salary of the employee? You can fix 40-50% of the gross salary as the basic salary. Other components can be HRA, uniform allowance, washing allowance, education allowance, etc. Keep the salary structure (salary breakup) uniform for all the employees. There should not be a variation depending on the designation or the length of the service.
Thanks,
Dinesh Divekar
From India, Bangalore
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Your confusion has arisen because it appears that you do not have a proper policy on employee remuneration. Secondly, you have mentioned about 10.25 L as CTC. What is the Gross Salary of the employee? You can fix 40-50% of the gross salary as the basic salary. Other components can be HRA, uniform allowance, washing allowance, education allowance, etc. Keep the salary structure (salary breakup) uniform for all the employees. There should not be a variation depending on the designation or the length of the service.
Thanks,
Dinesh Divekar
From India, Bangalore
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