Month: July 2017

A Check On Your Paychecks

Legal Issue

Every action has an equal and opposite reaction. This holds good for everything in life. Here we are going to talk about the business set-ups that honor their employees with a monthly or weekly pay for the amount of work put in by them for the whole week or month. Generally, when an employee is hired new into the company, he is detailed about the salary structure, the various divisions in it and the reason and justification for that amount being paid to him as his salary. It is in fact, after getting all the papers signed by him would the company allow him inside the work set-up with the confirmation order in hand.

Different components of the pay

There are a lot of things that combine together to become the amount of salary being promised to the employee. He gets a minimum fixed amount as wages for the work he agrees to deliver the company with. Apart from this, there are something called contributions which are made by both the employer and the employee that is paid to him with the full and final settlement at the time of his leaving the job. This salary also includes insurance, medical benefits etc…

Now an employee becomes eligible for all this only after he becomes a confirmed employee of the company. It is again not just this, but there are also others like bonuses, promotions, profit shares etc., in which, every employee gets a share without discrimination. The company issues a paycheck to all the employees confirming the mode of payment of this salary amount and it is a confirmation that the employee has received the same in his account. These paychecks includes details like the month for which the amount has been paid, the actual amount with the split-ups like taxes, deductions etc. It is an important record to be maintained by all the employees on a monthly basis.