ufpatent.blogg.se - Editable salary slip format in excel

The format and components of a salary slip can vary for different countries. It is a right of an employee to be provided with a salary slip, and employers, in many countries, are legally bound by the law for issuing a salary slip to all of the employees, as evident from the Fair Work Act 2009, Section 536, which states an obligation on employers to issue payslips to the workers or employees.Ī similar law exists in the United Kingdom as the Payment of Wages Act 1991, which grants a right of attaining or receiving payslips to all employees and workers, likewise the right to payslip in India is addressed under Minimum Wages Rules. The employee should maintain a record of all of the provided salary slips, to use them later when the need arises.

Thus, for an employee, it is important to have a salary slip as it can help him/her for any of the above-mentioned reasons. Also, the salary slip helps an employee to ask for a salary raise from the existing employer, based on performance and market competitive salary. The salary slip helps in negotiating the salary offer. Reference document for Existing/Potential Employer – while processing an application process of a potential employer, the employer may require the applicant to submit a copy of the existing or previous contract, or a salary slip.Thus, it helps in calculating the income tax to be paid by the employee or to be claimed by means of an income tax refund.

Calculation of Income Tax – a salary slip provides complete details of earnings and deductions (which could include provident fund, federal tax, or any other deductions).

Validation for Financial Institution – when an applicant applies for a loan, credit card, or opening of a bank account, the banks require the applicant to provide a source of income that could serve as proof of the borrower’s ability to return the debt.

Thus, during the visa application process, a salary slip provides an account of the income source of the applicant, by serving as proof of employment

Proof of Employment – while applying for an International scholarship program, or international travel, the visa agencies require a bank statement of the applicant to track the account balance.