Payslips and Salary Disbursement
What are pay-slips?
Pay-slips are reports given to employees which inform them of the Income, Deduction and Nett pay. This is generated every month and given to employees. This also contains some other details like Number of Days worked, Total days in month, Bank details, PF number, Department, Cost Center, etc. Some organizations also display Leave and Loan Balances in the pay slip/
Previously, pay slips were printed and distributed to employees. This practice is followed today for factory and blue collar workers.
For software companies or companies where all employees have email accounts, companies now send mails of pay-slips. This eliminates the need to print pay-slips.
The current practice is to give a web-based interface where employees can login and see their pay-slips.
What are the different types of pay-slips?
There are two kinds of pays lips. One is to show all Income and Deduction components. This is called as "Regular Pay slips'.
The other pay slips display Reimbursement Components. This is called as "Reimbursement Pay slip"
What are the different ways of disbursing salary?
Employees are paid salary in the following ways:
In most technology or MNC companies, employees are paid by Bank Transfer. Employees need to provide their bank account numbers and the salary will be transferred directly into the account.
For companies that do not have this option, all employees are paid by cheque. This is not a frequently used option. This is generally done for newly joined employees, who may not have opened a bank account.
Demand Drafts are given to employees who are in remote locations and where the cheque processing may take time.
Cash is a preferred way of salary disbursement for most factory employees. These employees may not have bank accounts. Also since the salary is lower, cash disbursement is a feasible option.
How do I advice a Direct Debit to the bank? Can I do a bank transfer electronically?
Bank Transfer is one of the ways of distributing salary to employees. There are two ways of doing a Bank Transfer:
1. Print a statement containing the Bank Account number and amount to be paid for employees in a particular location. This statement is given to the bank and the bank transfers the money to each employee's account.
2. You can generate a text file in a specific format as required by the bank. This text file contains the bank account number and the amount to be transferred for each employee. This file is sent to the bank. The software program at the bank reads the file and directly transfers the money to the employee's accoun
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