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.