Compensation And Benefits - Salary Benefits

Hi Seniors,

Can you shed some light on how to work on compensation and benefits, especially in the case of salary preparation? We from the regional office send the attendance details and leave information to the Head Office. I would like to know what processes need to be followed after that.

How is the salary amount transferred to the bank? Is it through DD/Cheque/Cash, and how does it work? The corporate salary account is with ICICI.

Number of Staff: 250+
Location: Chennai

Regards,
Narinder

Your ICICI sales representative will assist you with the following tasks:
1. A cheque is to be provided.
2. A list of staff along with their salaries and staff ICICI account numbers should be provided in an Excel sheet.
3. Both soft and hard copies are to be sent to ICICI Bank.
4. They will come to collect it at your doorstep.

Thank you,
Kanya

Dear Narinder,

I work at the HO of our company and carry out the further procedure that you are asking for. The process is very simple. Once you calculate the salary, you have to prepare a well-formulated Excel sheet which, when the number of days is entered, can directly calculate the salary and show the amount for which the cheque is to be prepared. Apart from these details, you can also keep a column giving the salary account details of all the employees. Once you are done with this, the sheet will give you the amount to be deposited in the salary account as well as that to be deposited in the PF and ESIC account.

Accordingly, you can either prepare the total cheque giving the total sum amount of salaries of all employees and along with it, submit a copy of the employee account number and the amount to be deposited. Or if in case you don't have salary accounts for your employees, you can directly deposit their cheques in their existing account, or by internet banking, directly transfer the amount into their account.

Apart from this, the same procedure goes for the PF and ESIC account cheques for the employees.

Hope this helps you. If you have any further queries, feel free to ask.

Thanks & Regards,

Aditi Janrao.

Dear Narinder,

The compensation and benefits area of HR is complicated but not difficult, especially when you prepare salaries. Firstly, you need to compile the attendance at the end of every month and deduct employee leaves or late comings as per company rules. Secondly, you have to deduct employee loans, advances, and fines according to company policies. Next, deduct the provident fund if applicable. After this process, you will hand over the salary sheets to the Accounts department, who will deduct taxes if applicable.

If an employee's salary is less than 10,000, give it to them in cash. For salaries above 10,000, send them to the bank.

Muhammad Waqas Mehboob HR Officer: 03024012776 Mughal Steel Industries