Meaning of Full and Final settlement Full and Final Settlement is the process when an employee quits an organization. It is actually the amount of money an employee receives after all the deductions after leaving the organization. In some cases, the employee has to pay the organization in order to get his/her relieving letter. The […]
Performance Evaluation is basically determining an individual’s performance, his job related-actions and outcomes with the organization in a particular position. It is a method by which the performance of an employee is documented and evaluated. This evaluation should be done specifically in order to inform and guide the employees in the performance of his/her duties. […]
Electronic Fund Transfer is the transaction that takes place from bank account to another bank account within single or multiple institutions across the world. Imagine without EFT Transfer Can you imagine trying to shop on the Internet and the only way to pay is by sending a check in the mail? How about not being […]
Gratuity is a sum of money paid by an employer to an employee for services rendered in the company. However, gratuity pays only to employees who complete 5 or more years with the company. It can understand as a form of tips paid by the employer to the employee for services offered in the company. […]
Meaning of HRA(House Rent Allowances) House Rent Allowance (HRA) is generally paid as a component of a salary package. This allowance is given by an employer to an employee to meet the cost of renting accommodation. Although it is a part of the salary, HRA, unlike basic salary, is not fully taxable. Subject to certain […]
Payroll Management is the administration of the financial record of employees' salaries, wages, bonuses, net pay, and deductions. Tips to Manage your Payroll Effective Stay Organized Get Technical with the Right Software Stay on Top of Relevant Payroll Rules and Regulations Keep it simple yet effective As an employer, it is your obligation to be […]
