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Saturday, December 5, 2020

2007 Recruitment Increase Recovery

 

2007 Recruitment Increase Recovery


download 2007 Recruitment Increase Recovery 2020: Utility desk. If you work in private sector, then you should keep an eye on your basic salary along with every year increment. Many times companies do not revise basic salary with increments. This increases your inhand salary, but your PF contribution does not increase. This will have to be paid as a major loss in the provident fund. In such a situation, after the increment, you should check your salary slip whether your basic salary has been revised or not.


1) PF will also be reduced if basic salary is reduced

Under the EPF Act, 1952, it is necessary to deduct the PF of a company employee with 20 or more employees and deposit it in his EPF account. Under the rule, 12% of the employee’s basic salary and DA goes to the PF fund every month. The company also has to contribute equally to the employee. In this case, if your basic salary is less, then your PF will also be reduced. This will cause loss of millions of rupees in the long term.

At present, there is no definite definition of salary. Companies take advantage of this to reduce the basic salary of employees. She divides the rest of the salary into all kinds of allowances. In such a situation, you cannot force the company to decide your basic salary according to you. But you can request the HR department in your company that your basic salary is less and your basic salary should be revised at the time of your approval. If you understand the HR department, you can increase your basic salary.

Important links

Basic salary is the basic salary paid by the company on the basis of their qualifications and work. Basic salary does not include bonuses, benefits or any other compensation paid by it. Basic salary is increased annually through increment. But this is not necessary. Basic salary is first mentioned in any salary slip. Basic salary ranges from 30 to 45 per cent of the total salary. You have to pay tax on basic salary only. It is 100 percent taxable. The more your basic salary, the more your tax will be deducted. However, the amount deducted from basic salary as PF is exempt from tax.




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