What is CTC in salary package?
What is CTC in salary package?
Cost to Company or CTC as it is commonly called, is the cost a company incurs when hiring an employee. CTC involves a number of other elements and is cumulative of House Rent Allowance (HRA), Provident Fund (PF), and Medical Insurance among other allowances which are added to the basic salary.
What is the meaning of CTC in job?
cost to the company
CTC or cost to the company is the amount of money spent by the employer to hire a new employee. It comprises of several components such as HRA, medical insurance, provident fund, etc. which is added to the basic pay.
How is CTC calculated in salary?
CTC = Earnings + Deductions Here, Earnings = Basic Salary + Dearness Allowance + House Rent Allowance + Conveyance Allowance + Medical Allowance + Special Allowance.
What is included in CTC?
What does Cost to Company (CTC) include?
- Basic Pay.
- Dearness Allowance (DA)
- Incentives or bonuses.
- Conveyance allowance.
- House Rent Allowance (HRA)
- Medical allowance.
- Leave Travel Allowance or Concession (LTA / LTC)
- Vehicle Allowance.
What is difference between CTC and salary?
The aggregate compensation would be the Cost to Company or CTC to employees. The employees’ CTC is the gross amount, while the amount of salary one gets to take home is the net salary. In simpler words, gross salary is the monthly or yearly salary before any deductions are made from it.
What is current CTC for fresher?
What is current CTC for fresher? How much CTC will I get? What is the take home salary for 20 lakhs?…What is the take home salary for 20 lakhs?
| Band | CTC (Yearly) | In Hand Salary |
|---|---|---|
| A | 20 lakh | 1,15,000 per month |
| B | 15 lakh | 95,000 per month |
| C | 12 lakh | 82,000 per month |
| C | 10 lakh | 63,000 per month |
Is CTC in hand salary?
Cost to company (CTC) is a term for the total salary package of an employee….General Comparison Chart For Approximate Understanding by Ck.
| Band | CTC (Yearly) | In Hand Salary |
|---|---|---|
| A | 20 lakh | 1,15,000 per month |
| B | 15 lakh | 95,000 per month |
| C | 12 lakh | 82,000 per month |
| C | 10 lakh | 63,000 per month |
What do you mean by CTC salary 15000?
CTC means Cost To Company. The total cost that a company would incur, on an employee, in a year. Per month salary and other benefits that the company pays an employee, are actually cost to the company. CTC package is a term often used by private sector Indian companies while making an offer of employment.
What is difference between CTC and in hand salary?
The CTC can include many elements in addition to salary/wages, such as health care, pension and allowances for housing, travel and entertainment. Tax is also deducted from the cash amount the employee receives directly….Break up of take home salary:
| Deductions/take home salary | Amount |
|---|---|
| Monthly take home salary | 22,491 |
Can CTC be monthly?
It refers to the total salary package of the employee. CTC is inclusive of monthly components such as basic pay, various allowances, reimbursements, etc. and annual components such as gratuity, annual variable pay, annual bonus, etc. CTC is never equal to the amount of take-home salary of the employee.
What is CTC breakup?
CTC is the abbreviation for Cost to Company and it is the total amount spent by a company on an employee. It is basically the whole salary package of the employee. He may not get all of it as cash in hand, Some amount can be cut in the name of PF and medical insurance, etc. CTC = Gross Salary + PF + Gratuity.
Which is the best definition of CTC package?
CTC package is a term often used by private-sector Indian and South Indian companies while making an offer of employment to show the total remuneration. Join AM22Tech Social Groups > What is CTC Gross Salary?
What does the full form of CTC mean?
The full form of CTC is “Cost to Company.” This term is commonly used for an employee’s total salary package in Asian Countries, e.g., India, South Africa, Nepal, etc. CTC means the total amount spent by the company on the employee in a year. It includes a base salary and additional employee benefits to the employee in the service period.
What is the difference between cost to company and CTC?
Let’s start with an explanation of Cost to Company, and later on get to all the other aspects of salary. Cost to Company or CTC as it is commonly called, is the cost a company incurs when hiring an employee.
How much does CTC package cost in India?
A Sample Cost to Company package of 14 lakhs in Karnataka, India with take-home pay of 93 thousand per month: in-Hand Salary = Direct Benefits – Income tax – Employee PF – Other deductions, if any