Dear Experts,
I am implementing payroll(India) for my client and the requirement of wage types is as below:
CTC - 100%
Basic - 30% of CTC
Variable Pay - 15% of CTC
PF - 12% of Basic
Gratuity - 4.81% of Basic
FBP Allowance - Fixed Pay - (Basic + Variable pay + PF + Gratuity)
FBP Allowance Components
HRA - 40% or 50% of basic (based on employee – Residing metro or non metro)
Conveyance - 800 (If car hire not opted)
Car hire - 4500 per lakh on insurance value of car
Medical - 1250
LTA - Max 1 month Basic
Car Fuel Maintenance - 15000
Driver Salary - 12000
Dress & Attire - 1500 (Bill Submission twice in year sept & mar)
Meals coupon - 3000 Fixed – should not allow to change
Profl Devpmt - 1000 (Bill Submission twice in year sept & mar)
Personal car - 1800/2400 monthly as per engine capacity (Fuel Reimbursement)
SPl Allowance - Balancing figure
Now the client wants these wage types to be automated in IT0008, user will enter the CTC amount and system should calculate the amounts based on the CTC value.
Request you to suggest me on configuring each of the above mentioned components.
Regards
Ravi Kumar