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🔷Cost to Company or CTC as it is commonly called, is the cost a company incurs when hiring an employee.
👉CTC involves a number of other elements and is cumulative of House Rent Allowance (HRA), Provident Fund (PF), and Medical Insurance among other allowances which are added to the basic salary.
👉These allowances may often include free meals or meal coupons, such as Sodexo and the like, office space rent, cab service to-and-fro office, and subsidized loans et al.
👉Basically, all these elements when combined, form the entire Cost to Company.
👉To put it in simpler terms, CTC is a company's spending on hiring and sustaining the services of an employee.
🔷Gross Salary is employee provident fund (EPF) and gratuity subtracted from the Cost to Company (CTC).
👉To put it in simpler terms, Gross Salary is the amount paid before the deduction of taxes or other deductions and is inclusive of bonuses, overtime pay, holiday pay, and other differentials.
🔷Net salary, more commonly known as Take-Home Salary or In Hand Salary, is the income that the employee actually takes home once tax and other such deductions are carried over with.
👉It refers to the in-hand figure that is calculated after deducting Income Tax at source (TDS) and other deductions as per the relevant company policy.
👉Net Salary is Income Tax deductions, Public Provident Fund, and Professional Tax subtracted from gross salary, which means,
👉Public Provident Fund (PPF) and Employee Provident Fund (EPF) are a stipulated percentage of the employee's salary, typically no less than 12% of the basic salary. Whereas, gratuity is a percentage of the basic salary, typically 4.81% of the employee's basic salary
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Негізгі бет Take Home Salary vs Cost to Company (CTC)
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