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Payroll Management Guide for HR Professionals
- 1. Payroll Management Rutwik Nalawade Post Graduate (Certificate) in Human Resource Management, Manchester Metropolitan University, U.K.
- 2. What is Payroll? • Payroll is the sum total of all compensation a business must pay to its employees for a set period of time or on a given date • The administration of the financial record of employees' salaries, wages, bonuses, net pay, and deductions.
- 3. Payroll includes Deductions From Employers From Employees CTC Net Salary (In Hand)
- 4. Salary Annexure • Gross Salary • Basic • HRA • conveyance • Medical reimbursement • Special Allowance • Allowances • Deductions • Employer PF • Employer ESIC • Professional Tax • Employee PF • Employee ESIC • Deductions II • Professional Tax • Employee PF • Employee ESIC • Net Salary
- 5. Calculations • Earnings • Gross Salary = Basic+ HRA+ conveyance+ Medical reimbursement +Special Allowance +Allowances • Employer PF • Employer ESIC • ADDING ABOVE= C.T.C. (Cost to Company)
- 6. Monthly Annual Gross Salary 11,050 1,32,600 Earnings Basic 3,315 39,780 HRA 1,326 15,912 conveyance 1,600 19,200 Medical reimbursement 1,250 15,000 Special Allowance 3,559 42,708 Gross Salary 11,050 1,32,600 Employer PF 436 5,231 Employer ESIC 525 6,299 - CTC 12,011 1,44,130 - Deductions Professional Tax - Employee PF 398 4,776 Employee ESIC 193 2,321 Total Deductions 591 7,097 Net Salary 10,459 1,25,504 PLI PLI
- 7. Features C.T.C. (Cost to Company) It is a term for the total salary package of an employee, it indicates the total amount of expenses an employer (organization) spends on an employee during one year. E.S.I.C. (Employee State Insurance) It is a self financing social security and health insurance scheme for Indian workers.
- 8. Professional Tax (PT) Professional Tax is a Tax which is levied by the State on the Income earned by way of profession, trade, calling or employment. This form of tax was first levied in India in the year 1949 and the power to levy Professional Tax has been given to the States by way of Clause (2) of Article 276 of the Constitution of India. Net Salary C.T.C.- Professional Tax -Employee PF - Employee ESIC = NET SALARY Monthly Salary Amount payable in Maharashtra Less than Rs. 7500 Nil Rs. 7501 to Rs. 10000 Rs. 175 pm Rs. 10001 & above Rs. 200 pm except for the month of Feb Rs. 300 for the month of Feb