Fixed salary, defined as the same proportion of the amount that the employee earns monthly through his work in the current year. Different Allowances, HRA (house rent allowances) and transportation allowances etc. are not included in it. Fixed salary comes with tax deductions and EPF system. Fixed salary is described as a guaranteed monthly amount paid to the employee for his services for the organization.
The monthly salary does not include:
Variable allowances, payment of annual overtime, bonuses, commissions or wage supplements, benefits in any form of reimbursement, including expenses incurred by an employee in the course of his employment and productivity bonuses. Moreover, Contributions to a pension fund or provident fund payable by the employer, including contributions paid on behalf of the employee are not considered in the fixed salary.
Solving Real Business Challenges with a Robust & Impeccable System