Common Misconceptions About Payroll
J Prakash - HR Workshop and Training Expert
HR Payroll Trainer at I4BEST - Hr & Payroll Training Institute
Myth : Payroll means only salary calculation
This is a very common and widespread myth about payroll. Payroll can be coined as a necessary workplace function for employees to receive their earned compensation.
Payroll is an administrative function that involves both human resources and accounting procedures.
Your payroll process combines Time & Attendance, Salary Calculation based on Leave policy, deducting TDS, deducting statutory PF, ESI, PT, Labour welfare fund, reimbursements, incentives, bonus & other items as applicable
While Salary calculation norms are based on your company policy, the rest deductions are subjected to a variety of central / state and local rules and regulations.
Hence payroll is and can never be confined to only salary calculation.
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