Some common types of allowances include vehicle allowances, housing allowances, or travel allowances.
It is typically negotiated into the employment contract. Allowances – A form of payments paid at the discretion of the company or to contribute towards the expenses of an employee.Usually, this amount is a set amount that does not change over time unless there is a promotion or salary increase. Basic salary – This is the main part of an employee’s salary.While others use a tiered structure with elements such as a basic salary, benefits, allowances, overtime, and other incentives being part of a standard salary of an employee. Some use a simple salary structure with the total amount of earnings counting as the basic salary. In Sri Lanka, companies use different structures when calculating the salaries of employees. What are the types of payments and deductions found in salary slips?
Salary slip calculator online how to#
How to calculate the salary of an employee and no pay deductions?.What are the types of payments and deductions found in salary slips?.This will help you avoid legal complications and penalties and make sure you keep your employees satisfied with how their salaries are managed. This article covers everything you need to know about payroll management, preparing monthly salaries, preparation of monthly payroll reports, making EPF and ETF payments, and the current regulations. However, most business owners do not know the correct process to follow and risk ending up with fines and penalties. From the first day they join, it is your responsibility to follow all legal regulations related to their salaries, EPF, ETF, and taxes.
One of the first things to do when starting a company is to hire employees to help you with your operations.
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