The following are the most common methods used to establish pay scales: The going rate: You determine what other businesses in your industry and region are paying for similar jobs, and structure your pay accordingly. ries. Plan salaries, incentives and total compensation by geographic area, industry, organization size, salary planning date and pay strategy. EDB would verify the salary assessment made by schools as soon as possible. Typically, moving salary ranges occurs in response to changes in the external market, it and doesn’t always take into account internal goals, like improving employee longevity or performance. The salary scale you decide on can influence your business, so choose a compensation philosophy wisely. a) Meaning of Assessment Year: Section 2(9) Income Tax As per S.2(9) of the Income Tax Act, 1961, unless the context otherwise requires, the term ‘assessment year’ means the period of twelve months commencing on the 1st day of April every year. Here is how the Net salary of an employee is computed: Particulars Amount (In Rs.) Salary Assessment in Aided Schools Schools have the responsibility to assess the salaries of staff paid under the Salaries Grant in accordance with the stipulations in the Codes of Aid and Guides to Salary Assessment. A compensation analysis, also called salary analysis or pay analysis, is an organization-wide review of how your jobs are classified and compensated. Compensation data, collected from several employers, is analyzed to develop an understanding of the amount of compensation paid. If you're an employee who is paid a salary (instead of an hourly rate), you will receive a set amount of compensation on a weekly or less frequent basis. Surveys may focus on one or more job titles, geographic regions, employer size, and or industries. Salary structures are an important component of effective compensation programs and help ensure that pay levels for groups of jobs are competitive externally and equitable internally. Computation of Net Salary of an Employee . Please note that the standard deduction is not available for salary income from Assessment Year 2006-2007. Staff assessment: Staff assessment is a form of internal tax administered by the organizations. Performing a compensation analysis is an efficient way to review how your employees are being paid, and to ensure they're being … Salary Surveys are tools used to determine the median or average compensation paid to employees in one or more jobs. a fixed compensation periodically paid to a person for regular work or services. Salary survey and compensation survey data and analytics for over 7,000 positions in more than 1,100 industries and over 9,000 locations. Soon as possible, salary planning date and pay strategy used to determine the median average! 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