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Merge pull request #6818 from nagarajannxweb/patch-2

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Update salary-and-payroll.md
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Nabin Hait 2016-11-04 16:07:12 +05:30 committed by GitHub
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erpnext/docs/user/manual/en/human-resources/salary-and-payroll.md
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@ -16,9 +16,9 @@ and Deductions.
Salary structures are used to help organizations:
1. Maintain pay levels that are competitive with the external labor market,
2. Maintain internal pay relationships among jobs,
3. Recognize and reward differences in level of responsibility, skill, and performance, and manage pay expenditures.
3. Recognize and reward differences in the level of responsibility, skill, and performance, and manage pay expenditures.
The usual components of the salary structure (in india) include:
The usual components of the salary structure (in India) include:
__Basic Salary:__ It is the taxable base income and generally not more than 40% of CTC.
@ -32,7 +32,7 @@ __Gratuity:__ It is basically a lump sum amount paid by the employer when the em
__PF:__ Fund collected during emergency or old age. 12% of the basic salary is automatically deducted and goes to the employee provident fund.
__Medical Allowance:__ The employer pays the employee for the medical expenditures incurred. It is tax free up to Rs.15,000.
__Medical Allowance:__ The employer pays the employee for the medical expenditures incurred. It is tax-free up to Rs.15,000.
__Bonus:__ Taxable part of the CTC, usually a once a year lump sum amount, given to the employee based on the individual’s as well as the organizational performance for the year.