A Payslip for Employees is the document that contains the amount of money paid to each employee for completing their tasks and duties. A payslip helps the management in getting accurate data of how much of the money has been spent for what purpose and in what manner. In case of any change in pay and leave or any deduction or payment made in respect of any employee’s salary, such changes need to be reflected in the payslip. A replacement payslip is prepared in case of any alteration in the payslip or if the payslip is lost.
It also indicates the name of the employee, the date of the payslip, the name of the company or organisation for which the payslip is prepared, the total number of days’ leave, number of holidays earned, the number of days’ service and the monthly gross amount payable to the employee.
Payslips for Employees:
There are different types of payslips that an employer needs to prepare. These includes:
a) Employee payslip
An employee payslip is prepared for an individual employee. This includes a basic payslip and a replacement payslip. The employee payslip contains information about the name of the employee, the pay slip number, the department code, the net salary and the gross salary.
b) Salary slips
Salary slips are used for employees who receive variable amount of money as per the hours or the work performed. The employee receives their salaries through cheque and the cheques are deposited in the bank. These payslips are called salary slips because the employer pays the employee’s salary after deducting the amount that is to be paid to the Government for the tax and also the cost of maintaining the employee.
c) Leave and Attendance Slip
Leave and attendance slips are prepared for those individuals who get paid for any work but their absence is not accounted for. This also indicates whether the employee is entitled to any leave. An attendance record is kept to show when the employee is on leave and the days that the employee is available. This is to enable the management to know the exact amount of absence of the employee.
d) Leave of Absence
A leave of absence is used by an employee who leaves his or her job for a specified time. If an employee has opted for a leave of absence then the leave of absence slips are filled and sent to the Government. Leave of absence is usually applicable to the employees of the public sector.
e) Groupand Class Pay Slips
Group or class pay slips are prepared by the employer for the members of a group of employees who are hired by the employer for the same purpose. They receive an equal amount of salary for a fixed number of hours or days.
f) Periodic Payment
A periodic payment is made for a certain period. For example, the government gives the employees a salary on a monthly basis, the employer issues the payroll on a monthly basis. The periodic payment also includes the bonus that an employee may get in a month.
The periodic payment is made on a weekly or monthly basis. It is similar to the salary, but it is paid more frequently. This periodic payment is mostly for the employee’s family members. The term is used for any periodic payment that is made for a specific amount of time, whether it is a salary or a bonus. Periodic Payment Definition Periodic payment is a term used for the payment that is made for a specific period of time, whether it is a salary or a bonus. It is also called as the periodic income.