What Is The Meaning Of Pay Slip Format And Its Importance | HRMantra

What Is The Meaning Of Pay Slip Format And Its Importance | HRMantra

4-5 minutes read

Every employee is entitled to receive the payslip on or before they get the salary. Making payslips every month for employees after processing the payroll does take a toll on you. So many elements one needs to remember at the time of creating a payslip, like gross pay, net pay, fixed deduction, and others (if any), overtime, bonuses, or tips. Besides, you are supposed to mention the right amount against each payslip element every time. Miss even putting a zero at the right place and brace yourself for the hours-long correction battle!

Importance of Payslips

It is of primary importance to take a pay slip because it will confirm that such a person is a salaried employee in XYZ organization. From the salary slips, employees will not only need to prove their creditworthiness but also be advanced a number of loans in the process.

Many of the multinational companies in India dismiss salary slips missing crucial data. Hence, it is the determination of every employee to have checked and assured that all the information is contained from his/her payslip.

Components of Payslip

It is very rarely that every pay slip across employers follows the exact same template. It certainly doesn''t. But, the pattern and categories of information below are almost universally practiced by the bulk of companies in India:

• The name of the Company
• The address of the Company
• Name of the employee
• Employee ID
• Total no. of working days
• No. of days attended by the employee
• Employee State Insurance No.
• Provident Fund No.
• Net Pay
• Gross Pay
• Allowances
• Deductions
• Signature of the Employer

Advantages of E-Payslips Over Manual Payslips

Salary slip preparation is not a simple-appearing task when done manually. HR Managers spend a lot of energy and time each month in preparing them. However, a good number of companies across India have lately started using e-payslips. For the unintended, e-payslips are prepared and sent automatically to employees using HR and payroll software.

Following are the top benefits of using e-payslips over traditional manual salary slips:

Cost-Efficient

Because the payroll system is filled with pay slips, any employee can enter and print because they do not have to be individually delivered. This means that a business can help cut the costs of costly and time-consuming paperwork. Just like in a recent survey carried out, 83 percent of respondents said that they save money once they change to E-payslips.

Environment Friendly

Hardcopy pay slips are almost always made up of paper and ink, both environmental threats. On the other hand, e-payslips reduce the using up of paper and ink. For organizations wishing to protect the environment, it is about time they left the manual means in use now and embrace the e-payslip way of information transmission.

Safe

In this case, the HR managers and employers using e-payslips will never have qualms about any confidential pay information getting to the wrong hands or being lost. Previously, employees need to hassle with the heaps of papers for knowing their previous pay details. But, E-payslips make the issue much easier. Employees can just access their HR software and can have an easy retrieval system for their past payslips.

24*7 Access to E-payslips

Nowadays, as most of the HR and payroll system providers have provided mobile apps, employees can easily download and check out their payslip versions any time from anywhere. You already have a lot to manage and execute; why take the pain when you can take up the payslip template with just a download?

So without further ado, if you were looking to download ""payslip template download,"" just click on the link and get an editable pay slip format right away!

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