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What is Salary Slip?

Salary slip is a white paper sheet in to record of an employee’s earning for the specific time period. In large and small companies the salary slip is given through the post, by hand in a week or in a month.

However, we do not give any importance to the salary slip. Because our apprehension is only with the money and the need we want to fulfill. This is also known as pay slip. The salary slip is given those person whose monthly allowances are known. This is given to the person whose salary and allowances fluctuate according to the number of hours he worked.

The salary slip is considered to be a legal document also. The employee is bounded to take his salary after declaration of the salary slip and the statement of incomes and deduction, if any.

Free Salary Slip Template

I have researched online to find a suitable Salary Slip Template and finally found One by PrintableTemplate.org,

Salary Slip Template 3

 

Components of salary slip

The components of the salary slip also known as the indicators of the pay slip;

As above mentioned that pay slip is prepared to acknowledge the employee about the elements which are to be deducted and added to his salary. 

  • Total number of working days

The employee is liable to get the salary only for the number of days he worked. Salary will be deducted for each day he/she missed the office. Every small and large organization strictly follow this practice.

  • Total number of working hours

The total number of employees working hours will determine their salary package. If the worker works for the job prescribed duration he will be given his/her full salary and there will be no deductions.

  • Official Holidays (Sunday, festivals, national days)

Official holidays do not deduct or adds to the person’s salary. They are officially announced and availed by the whole workforce.

  • Basic salary

Normally a salary package offered to an employee is a combination of different components. The highest amount of the other elements like allowances added to the amount of the basic salary.

  • Medical allowance

When organization assign an employee, they are liable to facilitate the employee. So they facilitate him with some allowances. So the medical allowance helps the employee to get benefit for the medical treatments. The amount of the allowance attaches to his basic salary amount with specific percentage. This allowance is taxable and the person will be liable to pay the tax. So the amount of the tax will be deducted from his salary. This deduction will be recorded on his pay slip.

  • Residence allowance

As the employee got medical allowance, same as, he is offered resident allowance or house rent allowance. The company is liable to pay his house rent. So the company provides him House Rent Allowance. So the specific percentage of amount is added to his salary. This allowance is specified as HRA in salary slip.

  • Conveyance Allowance

The company is liable to pay the employee conveyance allowance which an employee bears daily from coming to office and going back to home. The amount of the allowance is about 10% which is added to the salary.

  • Tax deduction

As the employee get the benefit from the company. As it is, he is liable to pay the tax.  Because these all allowances are taxable that is counted as your wealth tax and will be deducted on behalf of the Income Tax.

  • Provident Fund

Provident fund is the basically 12% to your salary that is totally under control of the government. You can invest minimum amount as company policy in PF as equity mutual funds regularly. That will be returned to you as higher amount.

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Salary Slips are the financial document issued by an employer to an employee to show the details and the calculations of his/her wages or salaries on a specified time duration. A Salary Slip can contain a lot of details that make it look a bit cumbersome. Depending on the design used, this obstacle will be quickly overcome after a careful study and the financial details will become clear and easily understood by the recipient. So, Salary Slip Formats which are particularly set out in such a way to ensure an employee has little or no problems in understanding the content will aid better appreciation of the details in no time.

Though, there are so many Salary Slip Formats and designs used by different organizations, to suit the items included and conform to the status of their brands, there are basic components that are universal to all Salary Slip Designs. For instance, a Salary Slip must contain the names of both parties – the employer and the employee. It must include the date of issuance and the period covered by the Salary Slips. It must show all the payment accruing to the employee and the corresponding deductions as well as the total amount deducted and the total net payment to the employees. It will be included without neatly arranged demarcation meant to keep the work neat and easy to understand.

Here is a good looking Salary Slip Template created using MS Word.

salary slip template

Click here to Download from Wordtemplates.org

Here goes another good looking Salary Slip Template also known as Pay Slip Template created using MS Word too.

pay slip template

Click here to download this Pay Slip Template from BlueLayouts.org

So, whichever Salary Slip Format an employer decides to adopt, it must be able to accommodate all these generic elements and be simple for the employees to understand. Failure to adopt a simple Salary Slip Format will give the management a tough time trying to clear employees’ doubts after every payment. But should a Salary Slip Design be colorful? Can it remain in black & white despite the fact that every document is getting branded in the corporate world? There are no straight answers to these questions. Let us consider them one by one.

First, it is better to have a simple Salary Slip Design that does not use too many colors. This will ensure that the items in the Salary Slip are easy to see and confirmed by the employees who are the recipients. Also, it will help to keep the Salary Slip Design simple and professional. However, there can also be a use of simple colors that can easily blend into one another and comply with the brand outlook of the company thereby ensuring that professionalism and elegance are maintained while the Salary Slip can still stand among the rest.

Here is another good Salary Slip Template that allows your print multiple copies on single page. Simple yet Effective way of getting salary slips on paper back.

salary slips

Click here to download it from OpenOffice

Here is another good source of Salary Slip Samples created as a PDF File.

salary slips pdf

Click here to download Salary Slip Templates in PDF Format

Finally, it is almost impossible to prohibit the use of several colors if an organization is using electronic Salary Slips. With the use of electronic versions of Salary Slips, the design will be definitely colorful and dynamic. This however, doesn’t preclude the need for simplicity and clarity. Though, a document in colorful design does not stop it from being clear and simple. So, whichever Salary Slip Formats and designs you choose, just ensure that you maintain clarity and give them the layout that will make them easily to handle for employees.

Here is another good looking Salary Slip Template created using MS Word.

salary slip ms word

Click here to download this Salary Slip Template

Here is another good looking Salary Slip Format created using MS Word.

paycheck stub template 01

Click here to download this Salary Slip Format


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