Salary details refer to the employee’s entire salary components and the amount by each.
As per the employee CTC, you can structure & select the components.
Cost To the Company (CTC) refers to the gross salary before income tax and other deductions in a financial year. The CTC is divided into each component as per the percentage method or fixed amount except the fixed allowance. Fixed allowance is auto-populated after the adjustments with the remaining positive figures.
You can configure the salary detail in two ways
- Assign the salary templates to the employees.
- Create the salary detail for the employee.
TO CONFIGURE THE SALARY DETAIL WITH THE SALARY TEMPLATE
Salary templates are available with the pre-configured salary details, which is handy while configuring the salary details. You can create the salary templates under Settings> Payroll settings> General settings> salary templates.
- Select the salary template from the list of salary templates.
- You can view the salary components, reimbursements, and FBP components with the values associated with the selected salary template.
- Click on the Save button to save the salary detail for this employee.
Note: If you wish to change the CTC and the other components of the selected salary templates, it is possible in this option as well.
TO CONFIGURE SALARY DETAILS DIRECTLY
If you wish to create the salary details without using the salary templates, you can do so by following the steps.
- Navigate to Employees
- Click on the edit of any employee.
- Click on Salary details.
- Enter the employee’s CTC in the “Annual CTC”.
- The basic component is displayed under the earnings. You may choose one of the basic types with a drop-down selection. By default, the basic is 50% of the CTC; enter the value in the “% of CTC” textbox if you wish to modify the percentage.
- Similarly, you can enter (or) modify the amount/percentage of each earning, reimbursement, and Flexible Benefit Plan (FBP) component(s).
- Finally, tap on the “Save” button to save the salary detail for this employee.
Note: If the employer’s contribution of EPF and ESI is included in CTC, it will be auto-calculated as soon as you save the salary detail.