Payroll & HR Terms
Glossary
A comprehensive reference for payroll and HR terminology used in INDPayroll:
- 1DOJ - Date of Joining of an employee in the organization.
- 2CTC - Cost to Company: total salary + benefits provided to the employee.
- 3HRA - House Rent Allowance: component of salary for accommodation expenses.
- 4PF - Provident Fund: employee & employer contribution for retirement benefits.
- 5ESI - Employee State Insurance: social security scheme for health and medical benefits.
- 6PT - Professional Tax: state-level tax applicable on salary.
- 7TDS - Tax Deducted at Source: income tax deducted by employer and remitted to government.
- 8OT - Overtime Payment: additional pay for hours worked beyond standard hours.
- 9Salary Template - predefined structure for earnings and deductions assigned to employees.
- 10Payroll Period - the specific time frame for which payroll is processed (monthly/bi-monthly).
- 11Audit Trail - log of all system changes and modifications for compliance and traceability.
- 12NEFT/RTGS - bank transfer mechanisms for salary disbursement.