Presentation on HR Policies - Salary

Administration

Prepared by: Jay Modi

Intern- HR Generalist
jaymodi.peacocksolar@gmail.com
Purpose of Salary Administration Policy:

 Salary Administration Policy is acts as guidelines for

determining a salary structure at Peacock Solar.

  The purpose of this policy is to provide effective,

equitable, and market relevant rates of compensation to
the incumbents of Office/ Service and
Managerial/Professional positions.
Noteworthy points:

 Management fixes the salary of all the employees and it is

revised annually.

 No increment is payable to those who have resigned from

the services of the company and are serving the notice
period on the date of announcement of the annual
increment.

 We incorporate merit-based pay adjustments which may be

awarded in conjunction with superior employee
performance documented by the performance evaluation
process.
Cont.
 Incentive bonuses may be awarded depending on the
overall profitability of Peacock Solar and based on each
employee’s individual contributions to the organization.

 Pay-Days:
All employees are paid monthly on the 7th day of the
month, by direct credit into the bank account. Each
salary credit will include earnings for all work
performed through the end of the previous payroll
period. In the event that a regularly scheduled payday
falls on a weekend or holiday, employees will receive
pay on the last day of work before the regularly
scheduled payday
Cont.

 Pay Deductions:
The law requires that Peacock Solar makes certain
deductions from every employee’s compensation. Among
these are applicable Provident Fund (@ 12%), Income
Taxes and E.S.I. (@ 1.75 % whenever applicable) and Rs.
5.00/- under the Labour Welfare Act. Besides the above-
mentioned deductions, the Company will also deduct,
where applicable, any recoveries from the concerned
employee on account of loans/advances taken by him.
Cont.

  Administrative Pay Corrections:

Peacock Solar takes all reasonable steps to ensure that
employees receive the correct amount of pay in each
paycheck and that employees are paid promptly on the
scheduled payday.
In the unlikely event that there is an error in the amount
of pay, the employee should promptly bring the
discrepancy to the attention of the Human Resource
Department so that corrections can be made as quickly
as possible.
Thank you