Is it legal to reduce basic salary?

Section 9A as read with Schedule IV attached to the Act provides that any such reduction in salary/wages or work time or days will amount to change in conditions of service. As per the Act, no such change can be effected without furnishing concerned workers with 21 days notice prior to such change.

How can I reduce my basic salary?

you can make change but you have to take consent and consent should be free. Hello, 1) Your basic salary should be above the minimum wages as there happens to be no law governing the salary break up. 2) Provident Fund act clearly lays down that says that basic salary should not be reduced during the introduction of PF.

Which is the correct definition of base pay?

Base pay or base salary is the initial rate of compensation that you receive as an employee in exchange for your services. Base pay is expressed in terms of an hourly rate, or a monthly or yearly salary.

What kind of benefits are included in base salary?

In addition to base salary, there are several other compensation package benefits that you may negotiate. Types of benefits companies offer in standard compensation packages include health insurance, performance-based bonuses and retirement plans. The value of these plans may or may not be reported to employees.

When to negotiate base salary and benefits package?

When you receive a job offer, the employer will present you with a compensation package that includes a base salary and potentially other benefits. You may choose to negotiate for a better compensation package if you believe that the offer is not in line with your skillset, education, career level or other strengths.

How to calculate your base salary per month?

Calculating your base salary follows a fairly straightforward formula. Say you receive a salary of $1,000 per month that is increased by $2,000 every two months over a six month period. The formula to calculate your base annual salary would therefore be: ($1,000 x 2) + ($3,000 x 2) + ($5,000 x 2) + ($5,000 x 6), for a base salary of $48,000 …

Do you have to be paid on a salary basis?

These exemptions are often called the “whitecollar” – or “EAP” exemptions. To qualify for exemption, employees generally must meet certain tests regarding their job duties and be paid on a salary basis at not less than $684 per week. Job titles do not determine exempt status.