MANAGEMENT

Detailed explanation-1: -A salary is an annual amount agreed upon between a company and their employees. It is paid to the employee in increments on a schedule for work performed in a specific role. Salaries can be paid monthly, bi-monthly, bi-weekly or weekly. A salary is a fixed rate, so it does not vary from pay cheque to pay cheque.

Detailed explanation-2: -It can also be done from the CTC (cost-to-company) details, although it usually depicts the annual figures. So, you will need to add the yearly basic salary + allowances & then divide the sum by 12 to get your monthly fixed salary.

Detailed explanation-3: -Fixed pay refers to the predetermined salary the employer pays the employee every month. Employees are entitled to this fixed salary, regardless of their performance.

Detailed explanation-4: -For calculating salary, we must consider 30 days irrespective of any month. We consider 26 days for Gratuity & Leave Encashment calculation.

Detailed explanation-5: -Generally speaking, employees prefer getting paid more frequently because it’s the best alignment of work and earnings. Hourly employees, in particular, prefer getting paychecks weekly. Weekly payroll better matches an hourly employee’s cash flow needs.