- What is CTC salary?
- How much is your monthly salary?
- Is salary based on 40 hours?
- Who is eligible for PF?
- Does CTC include PF?
- What does CTC stand for?
- How do you segregate salary?
- What is CTC breakup?
- What is your basic salary?
- What is your current CTC?
- How is salary break up calculated in CTC?
- Is having higher basic salary good?
- How can I get CTC?
- How do you tell your salary break up?
- What does salary include?
- What are the disadvantages of a salary?
- Is it better to be paid salary or hourly?
- How do you negotiate salary with HR?
What is CTC salary?
Cost to Company (CTC) is the yearly expenditure that a company spends on an employee.
Formula: CTC = Gross Salary + Benefits.
If an employee’s salary is ₹40,000 and the company pays an additional ₹5,000 for their health insurance, the CTC is ₹45,000.
Employees may not directly receive the CTC amount as cash..
How much is your monthly salary?
A person working in Nigeria typically earns around 339,000 NGN per month. Salaries range from 85,700 NGN (lowest average) to 1,510,000 NGN (highest average, actual maximum salary is higher). This is the average monthly salary including housing, transport, and other benefits.
Is salary based on 40 hours?
A salaried employee (considered an exempt* employee) is someone who receives a fixed amount of pay (salary) regardless of how many hours they work each week. This means a salaried employee is paid for 40 hours a week, even if they work fewer hours.
Who is eligible for PF?
EPF eligibility criteria If you are a salaried employee with a Basic + Dearness Allowance less than Rs. 15,000 per month, it is mandatory for you to be opened an EPF account by your employer.
Does CTC include PF?
Cost to Company (CTC) is the salary package of an employee. … Thus, CTC mostly includes salary, leave travel allowance, bonus, house rent allowance, employer contribution of PF and medical reimbursements.
What does CTC stand for?
Cost to companyCost to company (CTC) is a term for the total salary package of an employee, used in countries such as India and South Africa. It indicates the total amount of expenses an employer (organisation) spends on an employee during one year.
How do you segregate salary?
Components of Salary Structure for Income Tax CalculationActual HRA received.50% of salary [basic salary +DA] for individuals living in metro cities and 40% of salary for individuals living in non-metro cities.Actual rent paid less 10% of salary.
What is CTC breakup?
CTC is the abbreviation for Cost to Company and it is the total amount spent by a company on an employee. It is basically the whole salary package of the employee. He may not get all of it as cash in hand, Some amount can be cut in the name of PF and medical insurance, etc. CTC = Gross Salary + PF + Gratuity.
What is your basic salary?
Basic salary refers to the amount that an employee earns before any extras are added or payments are deducted.
What is your current CTC?
Current CTC is the money invested on you by your present company (where you are working right now) in terms pay and allowances as mentioned above. Expected CTC is cost to company on you, what you are expecting while either joining a new company or what you are demanding for pay increment to your present company.
How is salary break up calculated in CTC?
CTC = Earnings + Deductions Here, Earnings = Basic Salary + Dearness Allowance + House Rent Allowance + Conveyance Allowance + Medical Allowance + Special Allowance. Given below is a simple example of a salary slip showing all the basic breakups under two heads, earnings and deductions.
Is having higher basic salary good?
“Generally, a higher basic pay enhances the tax exemption limit for HRA. It also increases contribution towards retirement benefits like provident fund (usually 12 per cent of the basic pay) and superannuation fund, which means a lower take-home salary,” says Parizad Sirwalla, partner, Tax, KPMG.
How can I get CTC?
It is processed through the barangay or municipal offices where the applicant resides. The process for acquiring a community tax certificate is as follows: Proceed to city hall or barangay and ask for the designated office/desk/window for the Sedula/Community Tax Certificate (CTC) Present a valid ID.
How do you tell your salary break up?
In order to Calculate take-home salary, subtract the Income Tax, Provident Fund (PF) and Professional Tax from the Gross Salary.Step 1: Calculate gross salary. Gross Salary = CTC – (EPF + Gratuity)Step 2: Calculate taxable income. … Step 3: Calculate income tax** … Step 4: Calculating in-hand/take home salary.Aug 5, 2020
What does salary include?
The CTC includes all the elements of a salary structure – basic salary, House Rent Allowance (HRA), Basic Allowance, Travel Allowance, Medical, Communication, Provident Fund, Pension Fund, and or any incentives or variable pay.
What are the disadvantages of a salary?
On the downside, salaried employees don’t get paid more for overtime work. Thus they may be expected to work longer hours. Some workers who advance to salaried positions find they get paid less per hour than they did as hourly workers because they work so many additional hours.
Is it better to be paid salary or hourly?
Salaried employees enjoy the security of steady paychecks, and they tend to pull in higher overall income than hourly workers. And they typically have greater access to benefits packages, bonuses, and paid vacation time.
How do you negotiate salary with HR?
5 Dos for How to Negotiate a SalaryDo Prepare with Research. … Do Focus on Your Value to the Employer. … Do Be Professional. … Do Consider Other Benefits. … Do Get Final Offers in Writing. … Don’t Skip Negotiating. … Don’t Accept a Job Offer Too Quickly. … Don’t Reveal How Much You Would Accept.More items…