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Policies & Procedures General 2 years ago
Posted on 16 Aug 2022, this text provides information on General related to Policies & Procedures. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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Due to recession in market, we don’t want to dismiss them from work, but we want to decrease the salary. So they can survive as well and we sustain in market. Wheather we can do it? If yes then, what will be the legal procedure? We want to introduce 1 year contract for employee. Therefore, can I get format and how can I introduce legally?
You have raised two queries. One is about decreasing the salary of the employees and second is converting their status from permanent employment to Fixed Term Employment (FTE). Let me give reply to the former whereas for latter other members will give the reply. What is the break up of the salary components? Generally Basic salary is 30% to 50% of the gross salary. Please do not reduce the basic salary as far as possible. Since the basic is not reduced, there will not be any impact on PF remittance and reduction will not attract any attention of the PF Enforcement Officer.
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Policies & Procedures 2 Answers
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