One thing that most employees are always waiting for is their pay stub. Now, what is a pay stub? A pay stub is given by the employer to employees containing information about their pay for a specific period of time; it can be monthly, weekly, daily, or every two weeks. Giving of pay stub varies from the policies and regulations of companies.
Being able to receive your pay stub from your employer means that you are really part of the company and you are paid based on your attendance and performance.
Some loaning company requires proof that you have the capacity to pay them. They’ll be needing a certificate of employment or if possible, your 3 months pay stub. These loans can be from your government services, car loan, or even bank loans.
There are times that employees wonder why their salary decreased from their original pay. With this, when the employee receives his or her pay stub, it is also to check if you are paid correctly, and can be used as well for report disputes to get what your actual pay for the next pay duration.
Pay stub can be given to employees in many ways. It can be printed and be given personally, it can be through email, or it can be through the online system. Anyhow, the content of the pay stub is what matters to employees.
Here is the information that you could see on the pay stub:
Some pay stub contains only the company’s name. However, some pay stubs contain the company’s name, address, and contact number.
Employee’s name, department, and employee number are the information that mostly can be seen on a pay stub. This is to ensure as well that the pay stub belongs to one and to another.
Pay stub shows the duration period covered by the pay you will receive that is shown on your pay stub.
Tax varies from different countries. There is a certain percentage computed from the basic salary to be deducted to your total earnings.•Other Deductions. This could be the deductions from your tardiness, unpaid absences, undertime, and any other salary deduction from company’s expenses.
If you are employed, in some countries, or mostly, there are government contributions in which employers need to comply. These contributions benefit the employees and can be used as proof to the government that you have been contributing your part.
Your pay stub contains a breakdown of your basic salary, tax, deductions, contributions, and other necessary pay but gross wages is the total amount of your pay without deductions.
This is the amount that the employee will receive subtracting all deductions necessary.
Though not all employers have these, in some cases it is added on the pay stub details. Here some other information possible to include:
Some companies implement overtime and night differential pay. With this, it is also included on your pay stuboIncentives. There are companies that offer incentives according to your performance, or any intention it may occur to give incentives. Incentives can be either taxable or nontaxable depending on the company’s policies or what time of incentive to receive by the employee.
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