Our company is a small IT company that is a Private Limited entity, established two years ago. Currently, we have around 20 employees and there is a growing demand for the introduction of salary slips.
As of now, there have been no deductions made from the salaries. I would appreciate it if you could suggest a suitable structure for the salary slip. The following is the structure I have drafted; please review it and advise if it aligns with the regulations and framework, or if any modifications are required:
- Basic: 50%
- HRA: 25%
- Special Allowance: 15%
- Conveyance: 10%
- Total: 100%
From India, Aurangabad
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1As of now, there have been no deductions made from the salaries. I would appreciate it if you could suggest a suitable structure for the salary slip. The following is the structure I have drafted; please review it and advise if it aligns with the regulations and framework, or if any modifications are required:
- Basic: 50%
- HRA: 25%
- Special Allowance: 15%
- Conveyance: 10%
- Total: 100%
From India, Aurangabad
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Salary breakups are a management call and not mandated by law. You may want to keep Basic at 40% to circumvent future responsibilities. HRA should be a percentage of Basic based on the place of posting. You may look at a few tax-friendly options, like meal vouchers, etc.
From India , New Delhi
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From India , New Delhi
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Hi @Shitesh_yuvraj Thank you for this valuable information, really helped. Regards, Pranita M
From India, Aurangabad
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From India, Aurangabad
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Salary slip final.xls
Creating a Competitive Salary Structure.doc