11 terms with concise definitions
A statutory payment made by employers to employees under the Payment of Bonus Act, 1965, calculated as a percentage of salary or profit.
Cost to Company — the total annual expense incurred by the employer on an employee, including all salary components, benefits, and statutory contributions.
Employees' Provident Fund — a government-managed retirement savings scheme for salaried employees under the EPF & MP Act, 1952.
Employees' State Insurance — a social security and health insurance scheme for Indian workers under the ESI Act, 1948.
A lump-sum retirement benefit paid by the employer to an employee who completes at least 5 years of continuous service under the Payment of Gratuity Act, 1972.
A state-level fund that provides financial assistance and welfare benefits to workers in specified industries, funded by contributions from employers and employees.
A statutory benefit provided to women employees under the Maternity Benefit Act, 1961 (amended 2017), for absence from work during pregnancy and childbirth.
The minimum statutory wage rate that an employer must pay to a worker, notified by the central or state government for scheduled employments under the Minimum Wages Act, 1948.
The breakdown of an employee's total compensation into components like basic salary, HRA, special allowances, and other benefits for tax and compliance purposes.
The section of the Income Tax Act that defines 'salary' income and lists the components that constitute taxable salary, including perquisites, profits in lieu, and allowances.
Universal Account Number — a 12-digit unique identifier issued by the EPFO to every member of the Employees' Provident Fund.
