COVANCE INDIA - CTC INPUT SCHEDULE

PSID:
Grade Level: 106
Position Title: Kit Inventory Coordinator
Department: Kit Production
Employee / Candidate Name: Abhishek Gowda
Start Date: 10-Dec-18
Form Effective From: 1-Jul-2018
For the Period Ending June 2019 NON-METRO
CITY
All figures are in INR

FIXED COMPENSATION 385,753.26

SECTION A: SALARY Annual (INR) Monthly (INR)
Basic Pay 40% of Fixed Comp 154,301.30 12,858.44
House Rent Allowance 40% of Basic Pay 61,720.52 5,143.38
Transportation Allowance Fixed 19,200.00 1,600.00
Education Allowance Fixed 2,400.00 200.00
* Special Allowance (Balancing Figure) Variable 71,072.99 5,922.75
A. Subtotal 308,694.82 25,724.57

SECTION B: OTHER BENEFITS

Leave Travel Assistance One Month's Basic 12,858.44 1,071.54
Medical Reimbursement Fixed 15,000.00 1,250.00
Lunch Coupons Fixed 13,200.00 1,100.00
Journal Allowance Fixed 36,000.00 3,000.00
B. Subtotal 77,058.44 6,421.54

SECTION C: RETIREMENT BENEFITS

Provident Fund (Employer Contribution) 12% of Basic Pay 12% 18,516.16 1,543.01
Gratuity 4.81% of Basic Pay 4.81% 7,421.89 618.49
C. Subtotal 25,938.05 2,161.50

SECTION D: ANNUAL LEAVE ENCASHMENT

Encashment of Annual Leave ( Estimate for 14 days ) 8,308.69 Refer to Note 14.
D. Subtotal 8,308.69 -

CTC (Cost to Company) 420,000.00

LESS: Employee Contrbution for 12.0% 18,516.16 1,543.01
Provident Fund

Please Select your contribution %. Your mandatory contribution is 12% of Basic Pay. However, you could add a further 8%,
making your total contribution 20% of basic pay. If you wish to contribute more change the percentage in cell B42. Covance
will continue to contribute to EPF as per existing regulations stipulated by the Govt. of India.

NOTES:
1. Cost to Company: This is calculated as: A. Subtotal + B. Subtotal + C. Subtotal + D. Subtotal
2. Fixed Compensation: This is calculated as: A. Subtotal + B. Subtotal

3. Basic Pay: This is calculated as 40% of the Fixed Compensation Amount. This amount is taxable.

This is calculated as 40% of Basic pay for employees residing in Bangalore and other non-
4. House Rent Allowance:
metro cities. For details of tax exemption on this item, please refer to the CTC FAQ.
5. Transportation Allowance:
6. Education Allowance:
* 7. Special Allowance (Balancing fig.):
8. Leave Travel Assistance:
9. Medical Reimbursement:
10. Lunch Coupons:
11. Journal Allowance:
12. Provident Fund (Employer):
13. Gratuity:
14. Encashment of Annual Leave
All benefits are defined and controlled by company policy and are subject to change at the sole discretion of the management.
I signify my acceptance of the above:
Signed: ___________________
Print Name: _______________
Date: ____________________
This is fixed at INR 19,200 per annum.
This is tax exempt up to INR 100 p.m. per child for a maximum of 2 children. Employees
claiming this allowance are required to submit a declaration.
This is calculated as: Fixed Comp - (A. Subtotal + B. Subtotal). This may include shift
allowance where applicable. This amount is taxable.
This is calculated as one month's Basic pay. This is tax exempt for up to 2 Claims in a
block of 4 Calendar years. It is paid on a monthly basis effective April 2018. However,
the payroll processing for this allowance would begin only in July (entitlement amounts
for April, May and June would be back paid in July 2018).
This is a fixed entitlement amount. It is paid on a monthly basis effective April 2018.
However, the payroll processing for this allowance would begin only in July (entitlement
amounts for April, May and June would be back paid in July 2018).
This amount is credited monthly into the employee’s Zeta Meal Card account. This
entitlement is tax exempt.
This is a monthly allowance. This is tax exempt if original expense receipts are
submitted. Expenses for online and offline courses relevant to the employee's work at
Covance can be claimed.
The employer contribution percentage at Covance is 12% of Basic Pay.
Gratuity is calculated as 4.81% of Basic Pay. Employees are entitled to Gratuity payment
(on separation) if their tenure at the company is more than 4 years and 190 days.
Annual leave entitlement is 21 days. Employees are required to take 7 days each year.
They may elect to encash remaining leave (limit 21 days), or carry over a maximum of 21
days. In the any given year the entitlement cannot exceed a maximum of 42 days (21
days carried forward + 21 days annual entitlement). Leave encashment applications are
accepted between November 15 and December 31.