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. There are so many components that you must remember at the time of making a payslip like gross pay, net pay, fixed deductions, and other deductions (if any), overtime, bonuses, or tips. On top of that, you are ought to mention the right amount against each payslip element every time. Miss even putting a zero at the right place and get ready for the hours-long correction battle!
Importance of Payslips
Payslip is important because it confirms that an individual is a salaried employee in XYZ organization.
With salary slips, employees can not just prove their credit score but also get several loans along the way.
Many multinational companies in India reject salary slips that do not have important data. So, it is the responsibility of every employee to check and ensure that his/her payslip includes all the necessary information.
All that said, let’s have a quick look at how payslips can aid you:
- Proves Employment Status
- Helps in Tax Planning
- Simplifies the Borrowing Process
- Helps in Salary Negotiation
- And much more…
Must-have Components in Payslips
Not every company uses the same pay slip format. It certainly differs from employer to employer. However, the following components are commonly used by most companies across India:
- Name of the Company
- 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
- Signature of the Employer
Benefits of E-Payslips Over Manual Payslips
Creating salary slips manually is not as easy as it seems. HR managers spend a lot of time and energy every month on it. However, a good number of companies across India have started using e-payslips lately.
For the unintended, E-payslips are generated and sent to employees automatically using HR and payroll software.
Take a look at the top benefits of using e-payslips over manual salary slips:
Since salary slips are stored in the payroll system, employees can download and print them on their own. This way, companies can say goodbye to time-consuming and costly paperwork.
According to a recent study, 83 percent of respondents stated that they saved money by shifting to E-payslips.
Manual payslips are normally made from paper and ink, which are threats to our environment.
E-payslips, on the other hand, cut down the use of paper and ink. Companies that want to protect the environment should leave behind manual payslips and shift to E-payslips at the earliest.
With E-payslips, HR managers and employers will never have to worry about confidential pay information getting into wrong hands or misplaced.
Stored in a Single Platform
Traditionally, employees had no other option but to go through piles of papers to know their earlier pay details. Fortunately, E-payslips simplify this situation. Employees just need to log in to their HR software where they can easily find their past payslips.
Since most HR and payroll systems provide mobile applications nowadays, employees can effortlessly download and check their payslips anytime, anywhere.
You already have a lot to manage and execute; why take the pain when you can download the payslip template?
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