After performing at his best throughout the year, an employee eagerly awaits the increment letter from his recruiter at the beginning of the new financial year or after the end of the pay cycle. However, confusion arises when they compare their increment letter with the new pay slip especially when they see a huge difference between their actual CTC mentioned in the increment letter and the salary mentioned in the pay slip. It’s also important to remember that no one should let an immediate sense of financial well-being get into their head. Therefore, it is very important for an employee to hide his salary slip after receiving the increment letter from the employer.
about someone’s revelation Salary slip After receiving a salary increment letter from one’s recruiter, Vineet Khandare, CEO and Founder of MyFund Bazaar said, “Salary anatomy includes company name, employee details – income and reimbursement; basic salary, house rent allowance, conveyance allowance, travel Includes leave/travel. Allowances, Special Allowances and Deductions: Professional Tax, Provident Fund, Income Tax/Tax Deduction at Source. An insight into one’s salary structure is the beneficiary when one pays his/her income tax or even That too for taking a loan.”
Atul Pratap Singh, CEO and Co-Founder, Jobsgar, said, “Incremental rush is not as uncommon as it is to be taken as salary slips until the job is switched on.” Is. or any banking purpose. While CTC covers the full amount covered to the employee, a salary slip varies from company to company. Mandatory – Keeping a check on Name, Permanent Account Number (PAN), Registered Name of the Employer, Provident Fund Account Number, and Unique Account Number (UAN), Basic Pay to the Employee, DA, HRA, Conveyance/Travel/Leave Allowance, and other reimbursements should also be considered under scrutiny.”
Jobsgar’s Atul Pratap Singh further said that deductions like PF, ESI, PT or TDS should be known to the employee and it is imperative to understand the overall salary structure to analyze one’s income tax expenditure.
Vineet Khandare of MyFundBazaar said, “On what motivates any employee to get their salary increment letter, from a financial standpoint, an employee should re-evaluate their savings and expenditure budget and find an immediate sense of financial well-being. One needs to remember that money buys freedom of choice in achieving one’s life goals and is relevant only when it is nurtured well.”