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A salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed.

Basic salary or wages. Basic salary and wages means a payment or compensation for work done or. ... Dearness Allowance. It is a cost of living adjustment allowance paid to employees to compensate the. ... Dearness Pay. ... Advance Pay. ... Bonus. ... Annuity. ... Pension.

Salary Income is the paycheque you get every month from your employer. An amount received from your employer in the form of bonus, allowance, perquisites, etc. is a part of your Salary Income only. Pension received by you after your retirement (not family pension) is also a part of the head Salary Income.

A salary is when you pay employees the same amount each pay period regardless of how much they work. In contrast, a wage is an hourly rate you pay employees based on how much time they put in during a pay period.

A salary pay is a form of periodic financial benefit an employee receives from an employer for a service done. It is paid at a fixed interval, e.g., monthly, weekly, or annually based on an employment agreement. Salary can vary depending on the type of employment contract or forces controlling salary remuneration.

Types of wages Salary wages. Employees who earn a salary receive a fixed, regular payment per year. ... Hourly wages. If you pay employee hourly wages, you must multiply their hourly rate by the number of hours they work per pay period.

Salary characteristics It cannot be for free. If the employer makes a gift to the employee, it cannot be considered a salary. It is a personal income of the worker for his livelihood. The minimum wage provided for by law must be guaranteed.

A salary is an annual amount, agreed upon between the company and the employee and paid to the employee in increments on a schedule for their work performed in a specific role. Companies may pay salaries monthly, bi-monthly, biweekly or weekly.