![]() In some companies as per the employment contract, employees can accumulate and encash money against accumulated/unused Earned Leaves. An employee has to obtain prior approval from the employer. A specific number of days are allowed depending on the state and act the companies follow.Įmployee avails such leave without any salary deductions. Earned Leave or Privilege LeaveĮarned leaves are mandatory yearly leave than an employee earns while working. It includes national holidays, weekly day-offs, festive holidays. ![]() Holidays are the leaves for which an employer doesn’t deduct any amount from his/her salary. Generally, there are 8 types of leaves as follows: Holidays What is the Attendance Sheet?Įmployee Attendance Sheet is a document that records the presence, absence, sick leave, etc of employees for payroll or salary purposes. These deductions include Employee Provident fund, Salary Advance, professional tax, TDS, etc. Salary deductions are the amounts that an employer subtracts from an employee’s gross pay to reach net pay. These allowances differ based on company policy, industry, job profile, and department. AllowancesĪllowances are the financial benefits an employer provides above the Basic Salary to his employees. Basic Salary is proportionate to the working days. Usually, the basic salary is 40% or 50% of the CTC. ![]() It does not include bonuses, overtime, dearness allowance, etc. Basic Salaryīasic Salary is fix amount that an employer pays in addition to allowances and subtraction of any deductions. There are three major components of the Salary: Basic Pay, Allowances, and Deductions. Salary Sheet Excel Template is a payroll document in which you can record payroll data for multiple employees along with Salary slip.
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