What is meant by pay level?
Pay Level is fundamental unit in compensation structure of an organization, which is used to denote difference in compensation due to smallest possible change in job specification. … The pay is determined by the level of job, accountability, responsibility, position, experience etc. in the company.
What does level of compensation mean in a job?
Image by Emilie Dunphy © The Balance 2019. Compensation is defined as the total amount of the monetary and non-monetary pay provided to an employee by an employer in return for work performed as required.
How many pay levels are there?
The pay structure is segregated into 18 different pay levels in the pay matrix. The Pay Commission assigned to implement changes in salary structure refers to the pay matrix table while recommending the changes in pay structure.
How do I know my pay level?
The method to calculate your salary as per the 7th CPC is simple. The pay in the applicable Level in the Pay Matrix shall be the pay obtained by multiplying the existing basic pay by a factor of 2.57, rounded off to the nearest rupee and the figure so arrived at will be located in that Level in the Pay Matrix.
Is compensation the same as salary?
Total compensation is expressed in the same way as a base salary, which is in terms of gross income on an annual basis. However, it includes more than just the money paid to an employee. Total compensation includes the base salary, but it also includes the value of any benefits received in addition to your salary.
How is salary compensation calculated?
How to Calculate your Take-Home Salary?
- In order to calculate your Take-Home Salary or Net Salary, follow these steps:
- Gross Salary= Basic Salary + HRA + Other Allowances.
- Gross Salary= CTC – (EPF + Gratuity)
- Taxable Income = Income (Gross Salary + other income) – Deductions.
What is the meaning of pay level-7?
According to the 7th pay commission pay matrix, a Level-7 employee will get a salary from Rs 44,900 to Rs 1,42,400 per month. Means, after successful completion of the recruitment process, the candidate will get an initial monthly salary of Rs 44,900 plus other allowances like Dearness Allowance (DA), TA, HRA, etc.
What is level 10 salary?
Level 10 in 7th CPC pay matrix
What is pay scale level1?
The salary scale structure for Pay Level 1 starts at Rs 18,000 and ends at Rs 56,900. The salary scale structure for Pay Level 2 starts at Rs 19,900 and ends at Rs 63,200. The salary scale structure for Pay Level 3 starts at Rs 21,700 and ends at Rs 69,100.
What is the salary of pay level 6?
Pay Matrix Table for Central Government Employees – level 6 to 9 (PB II ,4200 to 5400)
|7th CPC PAY MATRIX-† PAY BAND – II|