How To Calculate Minimum Wages Basic
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Hi Vivek,You may break up the salary components as Basic + DA + HRA + Conveyance Allowance + Education Allowance + Medical Allowance. PFA contribution may be 15% of the basic.D. Majumder MD, Apisa Biotech Extn Pvt Limited Hyderabad d.majumder@apisa.in
Hi Anish,Now my query is:1\. As per the rule, is the labor department taking the CTC (gross salary) as the minimum wages, or is only the basic taken into account?2\. Should I pay PF for the gross salary, or is the bifurcation of gross salary okay?Thank you for y...
Hi Vivek, you have to follow all the rules of the Factory Act. So, review whatever you have done till today. It's my suggestion to you that you better hire an HR guy so he can handle all the problems. Consultants are a short-term solution for the process.
You can use Basic (Basic + DA) in one term. For example, if 4000 is basic and 300 rs is DA, then you can take 4300 rs as basic. Always use Basic = CTc's 50% for metro and 40% for other locations. HRA = Basic's 50% for metro and 40% for other locations. Conveyanc...
Dear Vivek,What your PF consultant has said is almost correct. At the worst, you may have to add 10% as a conveyance for the purpose of EPF contribution. 30% of HRA can continue. HRA does not attract EPF and can still be included in wages to be considered in Min...
As per the Gratuity Act, an employee who puts in 5 years of continuous service, including teachers in educational institutions, is eligible for gratuity. For the calculation of gratuity, only the basic pay + DA that was last drawn by the employee is to be taken ...
Dear Vijay,The Gratuity Act of 1972 prescribes under Section 4(2) the manner in which gratuity needs to be calculated. It shall be at the rate of 15 days' wages last drawn by an employee for each completed year of service, and any period in excess of six months ...
Give an option for research. Given above, you get the details you need, already being well discussed.Actually, there is no calculation pertaining to that. It is the fixed amount in lump sum given by the company to the employee for his loyal service for continuou...
Dear Sir/Madam,Kindly let me know, while calculating gratuity, whether only the Basic pay is taken into consideration or if Basic pay + DA is considered. Also, I would like to understand if the rule for gratuity differs for University-approved teachers, consider...
Dear member,You are not required to calculate minimum wages in scheduled employment. Minimum rates of wages are fixed/revised by the appropriate government. You are to implement these rates of wages in your employment if enlisted in the scheduled employment list...