Earned Leave, also known as Privilege Leave (PL) or Vacation Leave (VL), refers to paid time off that employees are entitled to annually based on their work tenure. Employees ‘earn’ these leaves in return for days worked during the year. Earned Leave is also sometimes termed as Annual Leave (AL) or Flexi Holiday by certain organizations.
Leave entitlements and policies in India have undergone many changes over the years. The leave types in India have evolved to include options that aim to promote work-life balance along with employee engagement and well-being. Understanding the different...
An appointment letter is an official document issued by an employer to a prospective employee, confirming their selection for a specific job role. It outlines the job title, responsibilities, compensation, benefits, and terms of employment.
A pay structure refers to the system and policies a company uses to determine employee compensation. It includes the various components that make up an employee’s total remuneration package.
Have you ever wondered what exactly makes up your total compensation as an employee? Beyond just your in-hand salary amount, your remuneration package consists of various components and perks. But do you fully understand what these components are and the typical...
Bereavement leave, also known as compassionate leave or mourning leave, is a type of time off granted to employees to cope with the death of a close family member or someone with whom they have a significant personal relationship. The purpose of bereavement leave is to provide employees with the time and space they need to grieve, make necessary arrangements, and attend funeral services without worrying about work-related responsibilities.
Leave without pay (LWP) is a type of unpaid time off that allows employees to take extended leaves from work for various personal, medical, or professional reasons. The key distinguishing factor of LWP is that employees take this time off without pay, meaning they forgo their usual wages and salary during the Leave without pay period.
Sick leave refers to paid time off from work that employees can take when they are too ill or injured to work.
A casual leave or CL is a type of paid leave that allows employees to take short leaves from work for a variety of personal reasons. Casual leaves provide employees the flexibility to take time off from work for small yet important events in life without having to use their regular annual leaves.
AWOL stands for “absent without leave.” It refers to an employee being absent from work without having obtained approved leave in advance.
FnF, which stands for Full and Final, is a financial settlement made between two parties to fully close outstanding dues, liabilities, or contractual obligations. It signifies a complete and final payment towards any amounts owed between two individuals, companies, or organizations.
PAN, or Permanent Account Number, is a unique 10-character alphanumeric identifier issued by the Income Tax Department of India. It serves as a vital tool for tracking financial transactions and ensuring tax compliance.
A Critical Feedback Report (CFR) is a comprehensive diagnostic report generated by a system or application when it encounters a critical issue or event that requires immediate attention. These reports capture detailed information, including error logs, system metrics, and diagnostic data, to assist in identifying and resolving the root causes of performance problems, errors, or unexpected behavior.
Dearness Allowance (DA) is a cost-of-living adjustment allowance paid to employees and pensioners in India to help them cope with rising inflation and increasing living expenses. It is a monetary compensation that aims to maintain the purchasing power of individuals by offsetting the impact of price rises on essential commodities.
CTC (Cost to Company) refers to the total compensation that an employer provides to an employee annually. It represents the entire yearly cost that a company bears on an employee.
CTC is the gross amount that a company will pay out per employee it hires. It includes the employee’s basic salary, allowances, benefits, perks, reimbursements, social security contributions, gratuity, and any other compensation.
Basic salary is the principal component of an employee’s salary package in India. It is the foundational amount upon which various allowances, deductions, and benefits are calculated.
Emoluments in salary refer to the comprehensive compensation package an employee receives, including basic salary, allowances, bonuses, incentives, perquisites, and retirement benefits. It represents the total monetary and non-monetary remuneration for services rendered, encompassing far more than just the fixed salary component.
Allowances in salary refer to fixed amounts provided by employers to employees in addition to their basic pay. These are compensation components designed to cover specific expenses or needs related to job roles or personal circumstances.
360-degree feedback, also known as multi-rater feedback or multi-source feedback, is a comprehensive performance evaluation process that involves collecting feedback from multiple sources about an individual’s performance, competencies, and behaviors in the workplace.
The absenteeism rate is a metric that measures the percentage of unplanned absences in a workplace over a specific period of time.
