What is a salary slip or pay slip? All you need to know about it
Salary Slip/ Pay Slip: Here is everything you need to know about today's match.
New Delhi: Every salaried individuals know what is salary slip, but if you don’t know we will give you the full details about what does it mean.
Since salaried individuals receive pay periodically from their employer, that too on a particular fixed date. The salary slip includes details about employer, employee, basic pay, inclusions, allowances, deductions etc.
All these details must be provided to the employees by the employer.
Also, not to forget that only full-time workers are subjected to get a salary slip from their employers.
The organisation’s does not provide salary slip to the freelancers, independent, self-employed or part-time worker.
What is salary slip or pay slip?
Documents which all theses details which is provided to the employees is called a salary slip or pay slip. This salary slip/ pay slip plays one of the most important role for the employees.
What are it’s important components?
The salary components basically fall under income i.e Earnings and Deductions.
Broad components are given below that form part of the income or earnings in the salary statement or the pay slip.
- Basic Salary
- Conveyance Allowance
- Medical Allowance
- Special Allowance
- Dearness Allowance
- House Rent Allowance
- Employee Provident Fund
- TDS (Tax Deducted at Source) and
- Professional tax