About the Speaker: Sai Prasad Acharya.
Mr. Sai Prasad Acharya designated as General Manager in HR at Reliance Jio. He has a total of 15 years of experience in HRBP, Lead compensation and Benefits and HR operations at Reliance Retail Ltd for 6 years. HR strategy and Planning at Reliance Jio Infocomm Ltd. 2 years. Reward Management HR strategist for New Commerce division of Reliance Retail for 5.5 years.
About the Workshop: CTC Calculation
In the workshop sir explained us about the salary structure and the minute details one need to take care while calculating CTC. We learned a lot during this workshop like salary structure is a very important information which determines the in hand pay, gross salary, net salary, allowances etc. All these variables are paid to the employee as a part of his/her compensation and benefits. If an employee does not have details of the components, he/she cannot calculate the in hand as well as savings parts like Employee Provident Fund. Salary Structure can prove to be very critical for any employee as it helps him/her better manage and understand the salary.
Sir explained us about various components of CTC (Fixed Pay, Variable Pay, Deferred Pay, Benefits Perquisites, ESOPs and RSUs) and the taxable portions (Basic Salary, Special Allowance, Residual Choice pay, Variable Pay, Bonus, Perquisites) and Non-taxable portions of CTC (LTA, Fuel and Maintenance, HRA, Food Coupons, child education allowance, gift voucher).
Also sir further took the discussion on discussing about the current Income Tax slabs and the Surcharge on Tax etc.
Further we discussed about the Factors effecting CTC which are
- Your Relevant Experience
- Individual Performance
- Company’s Performance
- Parity with other colleagues or market
The next two days of the workshop was on calculation of CTC. Where sir taught us how to calculate a CTC and also taught us to produce a pay slip.
- Salary structure.
- Components of CTC.
- Taxable and Non-Taxable Portions.
- Factors affecting CTC.
- Calculation of CTC and generation of Pay slip.
It was an insightful workshop for HR batch 2020-22.