Overtime is the amount of time someone works beyond normal working hours. Employees who work overtime hours regularly experience numerous mental, physical, and social effects. Significant effects include stress, lack of free time, poor work-life balance, and health risks. Employee performance levels could also be lowered. Long work hours could lead to tiredness, fatigue, and lack of attentiveness.
Children’s Education Allowance is provided to the employees for educational expenses of their children. In this allowance, education expenses related to school and hostel is covered. Under Children’s Education Allowance, there are components, allowances, and updates for educational allowances. The amount of allowance for a differently- abled child is double than what is offered to a normal child.
Overtime is the amount of time someone works beyond normal working hours. Overtime, or time worked beyond a specified number of hours in a week by hourly, non-exempt employees, can wreak havoc on the operating budget of a small business. Pay for any hours worked as overtime are paid at a higher rate than regular hours. While there may be times when overtime is necessary and cost-effective, overtime pay can begin to drain your bottom line if not managed correctly.
Electronic payslips, sometimes referred to as ‘epayslips’ are payslips available online to employees through secure web portals. The online webportal is called Employee self service. ePayslips in ESS is a self-service payslip facility that enables employees to access their payslips directly from a secure website using their desktops, laptops, iPad or smart phones.
A salary slip is an official document issued by an employer to an employee. It contains a detailed description of the employee’s salary components. Earnings like Basic Pay, Transport Allowance, HRA, Leave Travel Allowance, Bonus, Overtime Pay etc and deductions like Income Tax, Loss of Pay, Provident Fund, Insurance etc of a specified time period for which your salary period is defined, usually a month. It may be issued on paper or mailed to the employee or maybe even published online or locally through Employee Self Service. Employers are legally bound to issue salary slips to their employees periodically, as proof of salary payments to employees and deductions made.
Conveyance allowance, also called Transport Allowance is an allowance offered to employees of a company through their salary to compensate expenses for their commute from residence to respective workplace location and vice versa. Allowances are generally offered to employees on top of their basic salary component and may or may not be taxable as per the Income Tax Act.
House Rent Allowance, or commonly known as HRA, is an amount which is paid by employers to employees as a part of their salaries. This is basically done as it helps provide employees with tax benefits towards the payment for accommodations every year. The decision of how much HRA needs to be paid to the employee is made by the employer on the basis of a number of different criteria such as the salary and the city of residence. Regulated by the provisions of Section 10(13A) of the IT Act, the house rent allowance serves to be quite beneficial to salaried employees in India.
The Employee Self Service Module can drastically change your work environment. Earlier, you had to wait for hours or days for an approval, but the approvals are almost instant now! No more filling papers, everything is fully electronic. You were clue less on how your payroll was processed; now, you know every single detail about your payslip. You will notice that the accuracy of your payslip has improved tremendously. You were not probably paid on time due to processing issues; now, you get paid on time, always!
The help document describes how you can compare salaries for two different Salary Periods. Right after salary processing, it would be a wise idea to compare the processed salary data with data from the previous salary period. The Salary Comparison Dashboard allows you to compare between any two salary [...]
The payroll module in Lenvica HRMS is flexible enough to allow the user to define his own Salary Structures. Different groups of employees may have different salary structures. This help document describes how you can make changes to an existing salary structure. My company has decided to provide Sales [...]
