In my mind, I had divided my CTC by 12 on the day of placement and was on the top of world. Only one line written as Performance Linked Incentive (PLI) component in Apt.Letter. It is totally irrelavant to me as an employee. Additional Deduction Amount Field Instruction. pour nous faire part du problme. - Flexibility with shifts. When they are disclosed they all contribute to some benefit enjoyed by employee. It is different in company to company. These are usually provided in addition to Because at the end its our money and we need to have the flexibility of how & where it has to be placed. In my case CTC was bumped up by 1.5 lacs ( in 2007 ) as relocation package, Sad part was I could get only what I could use. Sourced from employees. company to company depending on its policies. Book allowance each semester; Contingency loans; How to Apply. Good Health Insurance.Medical Reumburment available for self and family. As a passionate and collaborative MBA graduate from Nyenrode Business Universiteit, I always intended to extend my expertise beyond technology and enhance my knowledge towards business process management and digital transformation. period in which it is due varies from different for different companies. Thats the reason why one has to ask for the in hand pay package ! But the ground reality is that 40% of that is just your floor rent (occupying 66 cubicle around Nariman Point, Mumbai will cost you a lot). Job Description . Apply for Sourcing Lead - Talent Acquisition - Urgent Hire at Wipro Philippines today! Stock Options again are not a regular payment source, however they do increase the CTC considerably. Your email address will not be published. This includes your mobile bill, internetbroadband bill etc., if you can declare proofs for these then you can get tax exemption for Rs 15,000. So why not get used to Performance-linked money from now on, and strive to earn as much as you can Understand that everyone at your level would have more or less the similar package and that would mean if your performance is stellar, you get to have a lions share of the PLI component while your colleagues get less!!! For all these you should provide bills. It was campus placement month, and although everyone declared that they wanted to do quality work once they were placed, they also harbored a secret desire to get placed at the highest salary. 11. Thanks Nandanits really helpfulnow onwards while joining any offer i will ask ctc split up from employer, i earn 45 lakh per year but i am unhappy i want to open my own company. Good Luck. Bonus is an additional income for the employee and so many of you don't understand how bonus would be taxed. I reminded about this to author , He said Its a coincidence . , Yes, I would say IT sector is one , another is management or sales ! These payments have an Earned Date linked to them as per the agreement/ contract with the employee. regard to Duty pay-leave salary subsistence allowance and vacancy particulars should be noted in the S.L.O. which is just impossible to digest. After going through them I am asking myself Can i safely conclude that inflated packages is more wide spread in the IT field then others ? Please help us protect Glassdoor by verifying that you're a What are the options available to claim this amount back as this is now a good sum as management does not respond nor refuses this amount. Sir, the simple answer is the company will decide how they want to give HIKE. Job Seekers want big salary numbers its a benchmark which they use to compare themselves with others. During my campus placement days, I had few of my friends who were offered a CTC of 12 lacs p.a. Yes, Wipro provides several allowances to its employees, including housing allowance, transportation allowance, and meal allowances. So basically it has cost me Rs22/- . Thanks for sharing your case . Finally, every company adds different components to CTC. My CEO, Meg took $1 as her ANNUAL salary for a couple of years since she joined HP as she was determined to turn around the company. The benefit of insurance is provided by The Real Take Home Salary is what matters most and should be the deciding factor when considering a new job offer. The exemption is the minimum of the following: INR 1600 per month You can ask in the interview and the person can highlight the fixed components and variable/one-time components. Emergency Medical Fund Prior to this I was working with British Airways. During my hiring season; 80% of Q&A were related to compensation , well written as always. I dont think company is at fault here ! 1. As you are on notice period many companies might be interested (in getting a resource who can join them asap.) That means my earlier CTC was including so much variable and other components, here its simple and straight. 5 big mistakes investors make in their life & how it impacts them. Ans. I disagree with this article. I am not sure if you can fight on this, get a legal opinion on this matter. directly deducted by the employer before handing over the salary to you. Trick 5 - Putting Large chunk of variable component in CTC. i) The allowance is a special allowance, specifically granted to meet expenses wholly, necessarily and exclusively in the performance of duties ii) The allowance is provided while on 'tour'. It should ideally be given back to you only ! In US if a person is suppose to travel by Flight above 7 Hrs Company need to Provide only Executive Class Travel & Star Hotel Accomdation. The Deep-Dark Story of Our Education Part II Obtusely Right, Learn how CTC is increased? Why is the government not penalizing these organizations that are really openly cheating their employees? I cant believe how the author came up with exactly similar points as you. While the other options like One Time Bonus or Stock Options dont seem to provide instant money in hand, or periodic income like Salary; at the end of the day, it is still something the company is spending on you and so it can be part of the CTC. Is there any organization which regulates this? Tel :+91-8-2844 ODI 1-15, Fax : +91 -OOERHOPBOS4fWIPRO Applying Thought Confidential APPOINTMENT LETTER August 29, 2012 'Mr Satish Kumar # 648, Sector 22-B, Gurgaon - 122016 India Dear Satish, It is our pleasure to appoint you as Senior Software Engineer in Wipro Ltd. at . But my curiosity to explore took me to a land of no surprises when I received my first payslip. It feels nice to say, my package is 12 lakhs per annum, even if you only get 58,000 per month in hand. I am still travelling on the same boat. They can use the card at restaurants and for food delivery services. How can the employee know the TDS detucted from his salary have reached Govt tax dept every month there is no Mechanism to track. I read similar article in NDTV today and here is the link. I am sure some MBA guy in the recruiting company must have come up with this idea and I am also sure that this placement was in some MBA college. Monthly basis you would pay lease to company which is cut from your salary. Understand What is dearness allowance & how to calculate DA. to UNO Employees, Allowances paid to Judges of High Court and Supreme Court, In my limited experience, pay packages offered by startups or smaller companies are more or less transparent, and artificial increases in CTC are limited. So, on records you are earning Rs. Only that is in your control. So On a second look I can see that there is Good component and then there is Bad component . The CTC number is then provided based on an average performance assumption. Hi I am ramya and i recently got an offer from mindtree for C3 position (Module lead). With $100 million fund, Wipro Ventures is perfectly positioned to leverage Wipro's global reach and market knowledge to accelerate the growth of our portfolio companies. And you call this a trick since none of these costs are actually a cost of the company right? I am victim of shifting from a small company to big brand. How I know my epf details please tell me. What is 'additional allowance' in wipro salary. What is the advantage of purchasing shares in an IPO? Nice article, I have experienced this too. 13. The top students of my batch were placed at extremely high pay packages, and they were proud to have cracked it. When we used to look at our pocket money and compare it with the salary package offered by companies, we used to feel we would sleep on bundles of notes. My Company have a Cycle for Variable Payout. by the way , i currenlty working with good mechanical company, and the new company is one of top 4 japanese MNCs (mechanical). other allowances which are tax free in nature are Daily Allowance, Academic / 5 reasons why people avoid retirement planning and die poor? This is just a tactic and does not help anyone but the corporates. Yes, I know about this . ii. In case it exceeds the given threshold amount, the company may still Business/Organization. Yes, Wipro provides retirement benefits to its employees, including Provident Fund and Employee Pension Scheme. verdade. I came to know that the take home is lesser in Mindtree while since I have a 3 year gap in my career iam bound to accept this offer. Additional Benefits: Group personal accident cover of INR 12 lakhs P.A Group life insurance of INR 14 lakhs P.A Book Allowance each semester M-Tech degree fully sponsored by Wipro Joining Bonus: Rs. What you should focus on, while moving to another job, is the additional increment in your take home component and not just the change in CTC. Does he have right to claim the same. I would have preferred a card something like debitcard. Apart from that Companies Deduct Professional Tax irrespective of location. If they dont want to give they will not give. I would rather sayThe way employee look at this CTC is wrongCTC is never meant for Employee Employee should focus on or ask about what is take home salary to HR..this is right and important point to know about their salarythen they should compare it with salary they were getting. Its difficult as you have pay rent which will run in to 12+ for a decent 2BHK apartment. on completion of 5 yrs if you pay 5% of original value your furniture balance becomes 125k 2) company leased car, you can buy any car within set limit. Bonus is a component of the gross salary that the employers may pay as a performance encouragement. requirements is called an allowance. New Role - Senior Consultant. In case of PF withdrawal Maximum number of days Employee can wait before Suing the company for its failure. A lot of freshers are not aware that CTC is not salary . Very nice article on the tricks played by most of the companies. I was trying to be cynical. employer every month. But to get my variable payout I need to earn itLike Apr-Mar is the Cycle to earn the points, The Payout will happen twice-Apr and Oct, I will get my variable payout in the month of Oct only (the points earn from the month Apr-Sep15) There will be nothing for Dec-MarI am so disappointed with this way of calculation. deducted from your net salary. I was totally clueless about it and came to know only during increment time. 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