HR Zone » Compensation and Benefits » Earn Leaves
Hi Kartheka,
Thank you very much for giving such a usefule information.
regards,
Preethi.
Hi Shivali,
Thank you very much for such useful information.
Regards,
preeti
6467 Views
7 Replies
6467 Views
7 Replies
Earn Leaves
Type: HR, Report if not a HR topic
Posted 19-11-2009Reply
Hi,
Can anyone help me out with respect to Earn Leaves Encashment.
Should Earn Leaves are to encashed based on Basic Salary(which includes Basic+DA) ?
or
Based on Gross Salary of the Employee?
or
Based on CTC of the Employee?
And what is the difference between Gross and CTC? Explaination.
Regards,
Preethi.
Hi
In our concern Leave encashment is calculated on the basic + DA ( (Basic+DA/26)* no of days). Also it comes under the taxable income to the employee.
Gross Salary = Actual earning of the employee before deduction
Net Salary = Gross - PF (Emp Cont) - ESI (Emp Cont) - PT
CTC = Gross + PF (Emp'r Cont) - ESI (Emp'r Cont)
Rgds
Kartheka R
In our concern Leave encashment is calculated on the basic + DA ( (Basic+DA/26)* no of days). Also it comes under the taxable income to the employee.
Gross Salary = Actual earning of the employee before deduction
Net Salary = Gross - PF (Emp Cont) - ESI (Emp Cont) - PT
CTC = Gross + PF (Emp'r Cont) - ESI (Emp'r Cont)
Rgds
Kartheka R
Hi
In our concern Leave encashment is calculated on the basic + DA ( (Basic+DA/26)* n... See Kartheka's complete reply
In our concern Leave encashment is calculated on the basic + DA ( (Basic+DA/26)* n... See Kartheka's complete reply
Hi Kartheka,
Thank you very much for giving such a usefule information.
regards,
Preethi.
Hi Preeti,
Earn leaves get encashed on Gross. Basically, it includes Basic pay + HRA ... See Shivali's complete reply
Earn leaves get encashed on Gross. Basically, it includes Basic pay + HRA ... See Shivali's complete reply
Hi Shivali,
Thank you very much for such useful information.
Regards,
preeti
Hi Preeti
El Encasement should to be on (basic+da) as per legal requirement,however u can include more component for calculating same as law do not bar anyone to provide benefit above statutory benefit. pl z note that El encasement at the time of retirement is tax exempted upto 350000,else will be fully taxable.
BR
ATUL
El Encasement should to be on (basic+da) as per legal requirement,however u can include more component for calculating same as law do not bar anyone to provide benefit above statutory benefit. pl z note that El encasement at the time of retirement is tax exempted upto 350000,else will be fully taxable.
BR
ATUL
Hi,
The Encashment of Earned leaves are governed by the Acts of respective states , Factories Act ,Policy of the Organisationetc. In factories Act the ELs Encashment limit is 60 days and Under Shops & Establishments Act of AP it is 30 days. The encashment is usally done at the time of Separation. However in AP Shops & Establishments Act there is a provision where an employee on request can claim for Encashment of 8 Els/year.
In our Organistion the Encashment of ELs id done on Gross salary-Medical Allowance.
Gross salary includes Basic, D A, HRA, CCA etc. whereas CTC means Cost to Company i.e., Spending of the organisation on an Employee like its sare of PF Contribution, Gratuity, reimbursements etc apart from the gross Salary
Gayathri,
Every employees who renders service for a period of 240 days in a year is entiltled to Earned leaves.
This is for your information.
The Encashment of Earned leaves are governed by the Acts of respective states , Factories Act ,Policy of the Organisationetc. In factories Act the ELs Encashment limit is 60 days and Under Shops & Establishments Act of AP it is 30 days. The encashment is usally done at the time of Separation. However in AP Shops & Establishments Act there is a provision where an employee on request can claim for Encashment of 8 Els/year.
In our Organistion the Encashment of ELs id done on Gross salary-Medical Allowance.
Gross salary includes Basic, D A, HRA, CCA etc. whereas CTC means Cost to Company i.e., Spending of the organisation on an Employee like its sare of PF Contribution, Gratuity, reimbursements etc apart from the gross Salary
Gayathri,
Every employees who renders service for a period of 240 days in a year is entiltled to Earned leaves.
This is for your information.