Respected Seniors,
We are a Product Development Company and have been in the market for 3 years. I have been with the company for 4 months, and up until now, the company has not used Payroll Software. Now, as the number of employees is increasing, they want to implement it. My question is regarding the content in the Salary Slip. There are 2 components, i.e., components and amount. Now, in the salary slip, if an employee's salary calculation is for 8 days and they receive in hand 9032/-, how do I bifurcate that into components like basic, HRA, etc.?
Regards,
Neha
From India, Pune
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2We are a Product Development Company and have been in the market for 3 years. I have been with the company for 4 months, and up until now, the company has not used Payroll Software. Now, as the number of employees is increasing, they want to implement it. My question is regarding the content in the Salary Slip. There are 2 components, i.e., components and amount. Now, in the salary slip, if an employee's salary calculation is for 8 days and they receive in hand 9032/-, how do I bifurcate that into components like basic, HRA, etc.?
Regards,
Neha
From India, Pune
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If you could provide the text in a readable format or explain the context or message you are trying to convey, I'd be happy to help with any spelling, grammar, or punctuation errors.
Feel free to provide more context or a different text for review. Thank you.
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Dear Neha,
The content of a payslip varies from organization to organization. But one thing is common - Earning side and deduction side with net salary.
On the earning side, there will be all components as per the pay structure of the organization and in some months, a special column for any specific payment such as Bonus, LTA, etc. On the deduction side, there will be Statutory deductions - PF, ESIC, PTAX, ITAX if any, Loan/Advance recovery, etc.
It is expected that your organization is processing payroll with the help of Excel in the absence of any package. There may be a policy for determining daily wages - dividing the monthly salary by 30/based on the number of days in the month/monthly salary multiplied by 12 and then divided by 365 or any other method.
Accordingly, all the components on the earning side will be proportionately reduced for 8 days.
Thanks & Regards,
S K Bandyopadhyay (WB, Howrah) CEO-USD HR Solutions
From India, New Delhi
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The content of a payslip varies from organization to organization. But one thing is common - Earning side and deduction side with net salary.
On the earning side, there will be all components as per the pay structure of the organization and in some months, a special column for any specific payment such as Bonus, LTA, etc. On the deduction side, there will be Statutory deductions - PF, ESIC, PTAX, ITAX if any, Loan/Advance recovery, etc.
It is expected that your organization is processing payroll with the help of Excel in the absence of any package. There may be a policy for determining daily wages - dividing the monthly salary by 30/based on the number of days in the month/monthly salary multiplied by 12 and then divided by 365 or any other method.
Accordingly, all the components on the earning side will be proportionately reduced for 8 days.
Thanks & Regards,
S K Bandyopadhyay (WB, Howrah) CEO-USD HR Solutions
From India, New Delhi
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Salary slip calculation.xls