Salaryslip provided to the employee is one of the major components in payroll management. It is helpful to each employee for applying any loan or as a proof of employment. EasyPayout Services generates salaryslip every month and send to respective employees email id. On boarded employees can access salaryslip from their dashboard. PF contribution makes emergency fund for employee. Also ESIC contribution ensures Government insurance to employee and his/her family.
EasyPayout Services provides Salaryslip and other services in different formats. Common salary components are Basic Salary, House Rent allowances, Dearness allowance, travelling allowances, and education allowances. Salary can be calculated on Day based, rate based, time based and manually. All these factors also reflected in leave management and are considered in salary calculation. Also as per organization policy salary can be calculated as Actual day’s present or Monthly fixed rate. All components are customizable to every employee.
Additionally, if employees wish to apply for loans or any financial assistance, they can simply email their electronic payslips to the bank in support of their documentation.
Form 16 act as a proof of taxes paid to the Government. Income tax return considers form 16 for calculations. Form 16- Part A and Part B will be provided by EasyPayout Services on basis of TAN number provided by organization.
Employees can declare proof of investments under the form 80C, Life insurance, medical claim, and pension accounts. EasyPayout Services verify all the proof of investments receipts submitted by employee and Income tax is calculated.
An employees’ Provident Fund (PF) account is generally considered a retirement-oriented investment option, which is mandatory for each and every employee who fulfills ₹15,000 threshold for monthly PF contribution. An employee gets income tax exemption under Section 80C of the income tax act on one's PF contribution up to ₹1.5 lakh in single financial year.
It have some benefits like free insurance, pension provision, loan against PF, partial withdrawal during emergency.