Payslips or Salary slips are documents issued by the employer to the employees, containing the detailed breakdown of an employee’s earnings and deductions for a given salary period which can be weekly, bi-weekly, monthly etc.
Employee Payslips are generally distributed either as hard copy by taking the print out or else are published through online portals called employee self service. An employer is legally obliged to provide payslip copy to every employee in his payroll.
Payslips are important to the employees for many reasons. Hence, the employer must ensure payslips are generated at the end of each pay cycle and distributed to the employees.
Two major reasons why the payslip is important are that the salary slip contains the break-up of your employee’s salary which can help them understand their take-home salary, taxes paid to the government and other mandatory payments such as income tax, Pension Fund contribution, employee insurance etc. Second reason why the payslip is important is that various financial institutions refer the payslips only to assess the credit eligibility to provide loan or issue credit cards.