Compensation and benefits Management Course objective Learn how to manage the compensation and benefit in the corporate

e setting Understanding the process of creating pay structure through job evaluation Be able to learn how to compute the different component of payroll Design an effective incentive and rewards program Fix payment Fixed salary mandated by labor code! "ariable payment Criteria Condition #arget goal $ot covered by labor code

Course outline %eminar highlight #rac& '( )verview of compensation o person #ract *( +ob ,valuation o performance #ract -( Component of payroll o sallary #ract .( Designing Benefits and /ewards 0rogram Compensation management #he systematic development of policies and procedures to determine job values1 identify mar&et rates1 to design salary structure and to communicate and implement effective reward systems1 thus attracting and retaining well23ualified and highly motivated +ob values Level important ,xample +anitor vs4 Manager Mar&et rates Comparison of salary to other company Creating reward o Money o $on money /etaining well 3ualified o 5ualified o /etained condition o Compensation

Component of compensation management +ob analysis o +ob description Done by bosses and head )utline description o +ob specification 5ualification #raining +ob evaluation o Focus job o +ob grade o 6ierarchy

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o )nce or twice in year 0erformance evaluation o +ob holder o 0erformance rating o Monitor performance o /ating o More than time o /ates %alary survey o Mar&et rate o )ther rate to company 0ay for performance o Meet certain performance o 8ncentive if target meet!

%ignificant factors affecting compensation management %upply and demand for employee o 8n demand s&ill 6igh payment o Different to other employee o 6ighly 3ualified o %&ill compensation Labor organi:ation o Union Cba Collecting bargaining agreement o $on2union Depending to the company and employee Company financial condition o #he accountant or controller may show some progress of the company 0roductivity o Meet the target o 6aving benefit ,xample health insurance Union ;< employer and .< employee $on union '<<= employer!

Difference between various forms of compensation #ype of compensation Base salary 8ncentive Benefits 0urpose 0ayment for doing job 0ayment for doing a job well 0ayment for staying in the job 8ntended recipient ,very employee in the company 7 few good performance #hose who are mandated by law

Base salary o ,very employee should have 8ncentive o +ob well done o #arget meet o Few good people perform o Difference between other employee Benefits o %ss o %ic& leave Convert to cash if not use

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Dimension of compensation philosophy 0ay performance o Basic salary Mar&et competitive o 8ncentive

+ob evaluation +ob analysis and job evaluation Designing the pay structure Creating salary administration policies >should have chart to determining tas& and pay formance +ob analysis 7 systematic nvestigation on the tas&s1 duties and responsibilities re3uired in the job and the necessary s&ills1 &nowledge and abilities some need to perform the job ade3uately Uses of job analysis +ob definition +ob redesign /ecruitment %election 9 placement )rientation 0rocess of +ob 7nalysis +ob 7nalysis +ob description +ob specification +ob evaluation Methods of gathering information 8nterview o Done by manager or 6/ 5uestionnaire o %hould have standard 3uestion )bservation o #echnical o 0roduction +ob Description +ob description is a summary of the functions1 duties and responsibilities of a given job Use a job description o /eference in recruitment o )rientation of employees o +ob evalution o /eference in setting performance goals %teps in developing job description Conduct job analysis 8dentify position title and reporting relationships based on organi:ation chart Define job objective List down duties and responsibility List down minimum 3ualification for the job %ecure approval of supervisor and manage +ob evaluation Defined as the systematic process of determining the relative worth of their job #raining Career counseling ,mployee safety 0erformance appraisal Compensation

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?when employees are paid according to the worth of jobs they are holding it is presumed that those with similar jobs have the same level of performance. )bjective of +ob ,valuation 0ut group positions in their proper categories Maintain a scale for new employee transferees1 and promotion 7llow reasonable flexibility in coping with changes in the salary structure Facilitate 6/ accounting and budgeting ,nsure that payment of wages salaries among the various structure does not go out of bound +ob evaluation /an&ing Classification Factor comparison 0oint factor #he position of salary Creating policy of promotion %alary should increased if there is promotion o 0romotion ' year of service o ,xception to the rule( if the employee is hard wor&ing $ote( accountant should have initial budgeting 0oint factor( ,xample factor Anow how 0roblem solving 7ccountability @eightage .<= -<= -<= 0oints .<< -<< -<<

%alary depend to the status of the employee and evaluation )ther point factor %&ill o ,ducation o ,xperience ,ffort o 0hysical o Mental /esponsibility o Decision ma&ing @or&ing condition o @or& pressure2 having deadline o 6a:ard o Danger of exposure

Designing pay structure 0ay2level decision o #he level at which the organi:ation wants to complete in the labor mar&et 0ay2 structure decision o %etting a value for each job within the organi:ation to all other jobs 8ndividual pay decision o #he pay of employee wor&ing on the same job within the company 8ndices of good wage structure @age rate are internally consistent ie4 #hat they are based of each job as related to all other jobs within the organi:ation o +ob evaluation B having classification

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@age rate are externally consistent and they compare favorably with averages in the industry as well as in the community o %alary survey Labor code( 6rs or wor&s B C hours pay wor& 'D mins morning brea& and 'D mins afternoon coffee brea& with pay! ' hrs lunch brea& not paid! #otal hour E hrs per day Minimum wor& day is D day with a maximum day of ; days per wee& 7lways have ' day off in a wee& 0ayroll component Labor code compliance 0ayroll computation Basic minimum wage Basic of minimum wage #he basis of the minimum wage Labor code compliance on wages and wor&ing hours Minimum wage 6ours and conditions of wor& )vertime pay $ight shift deferential @ee&ly rest period 6oliday pay %ervice charge ,mployees compensation ,C! benefits 0ayroll component 7ttendance management Leaves management 0ayroll processor #ime&eeping!

8nternational 6uman /esource Management( Chapter B ;( C)M0,$%7#8)$ M7$7F,M,$# 8ntroduction( )ne of the &ey components of 86/M is the compensation administration in M$Cs4 #oday1 compensation and employee benefits contribute to .<2D<= of the total costs4 Compensation is strategically reported and monitored at the broad B levels and with the investors to assess the health of the organi:ation4 @hat is compensation managementG ,ffective and efficient process of managing the earnings B financial and non financial rewards of the employees in an organi:ation based on their performance towards organi:ational goal is called compensation management4 8nternational Compensation is an internal rate of return monetary or non monetary

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rewards H pac&age! including base salary1 benefits1 per3uisites and long term 9 short term incentives that valued by employeeIs in accordance with their relative contributions to performance towards achieving the desired goal of an organi:ation4 8t influences( J )rgani:ational culture J /ecruitment and selection of competent employees J Motivation and performance )bjectives of compensation( Compensation decisions are strategic decisions and play a &ey role in achieving performance and sustainable competitive advantages for national as well as international firms4 #herefore the &ey objectives are( J 7ttract employees who are 3ualified 1 experienced and interested in international assignments4 J Facilitate the movement of expatriateIs from one subsidiary to another1 from home to subsidiary1 and bac& from subsidiary to home4 J 0rovide a consistent and reasonable relationship between the pay levels of employees at head3uarters1 domestic affiliates and foreign subsidiaries4 J Be cost effective by reducing unnecessary expenses4 J %hould be easily understood and easy to administer4 Components of Compensation( components of international compensation comprises the base salary1 incentives1 benefits1 allowances1 foreign service inducementH hardship premium1 long term benefits and taxes etc4 Base %alary( Base salary is the amount of money that an expatriate normally receives in the home country4 8n the united states1 this was around K 'LD1<<< for upper2middle managers in the late 'EE<s1 and this rate was similar to that paid to managers in both +apan and Fermany4 #he exchange rates1 of course1 also affect the real wage4 J ,xpatriate salaries typically are set according to the base pay of the home countries4 #herefore1 a Ferman Manager wor&ing for a U% M$C and assigned to %pain would have a base salary that reflects the salary structure in Fermany4 J #he salaries usually are paid in 6ome currency1 local currency1 or a combination of the two4 #he base pay also serves as the benchmar&s against which bonuses and benefits are calculated4 Benefits( J 7lternatively &nown as indirect compensation1 J Benefits constitute a substantial portion of international compensation approx4 one third of compensation for regular employees is benefits!4 J Benefits include a suit of programmes such as( B ,ntertainment1 Festival celebrations1 Fifts1 Use of club facilities1 provision of hospitality including food and beverage1 employee welfare1 use of health club1 Conveyance tour and travel1 6otel Board and Lodging1 vehicles1 telephone and other telecommunication facilities1 %ponsorship of children4 J Basically an employee tends to join and stay with an org4 which guarantees an attractive benefits programme4 J "acation along with holidays and rest brea&s help employees mitigate fatigue and enhance productivity during the hours employees actually wor&4 7llowance( 8t is an inevitable feature of 8nternational compensation4 #he most common allowance relates to the cost of living B an adjustment for different in the cost of living between the home country and foreign country assignment4 #his allowance is designed to provide the expatriate with the same standard of living that he or she enjoyed in the home country4 %pouse assistance1 housing allowance1 home leave allowance1 relocation allowance and educational allowance are the popular in expats4 Compensation4 #hese allowances are often contingent upon tax B e3uali:ation policies and practices in both the home and the host countries4 8ncentives( J 7n additional payment or other remuneration! to employees as a means of increasing output4 8ncreasingly1 M$Cs these days are designing special incentive programmes for &eeping expatriates motivated4 8n the process1 a growing number of firms have dropped the ongoing premium for overseas assignments and replaced it with a one B time1 lump2sum premium4

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J #he lump B sum payment has at least three advantages( J First1 expatriates reali:es that they are paid this only once and that too when they accept an overseas assignment4 %o the payment tends to retain its motivational value4 J %econd( costs to the company are less because there is only one payment and no future financial commitment4 #his is so because incentive is a separate payment1 distinguishable from a regular pay1 and it is more rapidly for saving or spending4 J #hird1 less chances for pre mature repatriation4 Foreign %ervice H 6ardship 0remium( #his is often perceived as an inducement in the form of a salary premium to accept an overseas assignment4 Fenerally1 salary premiums vary from DM.<= of the base salary4 7ctual salaries depend upon the assignment1 actual hardship1 tax conse3uences and length of assignment4 8n addition1 if the wor& B wee& in the host country is longer than in the home country 1 the assignee will be paid for the extra hours wor&ed4 Certain countries are highly hostile to foreigners staying and wor&ing4 8ndians engaged in road construction wor& in 7fghanistan1 for example1 face constant threat lives4 8n fact1 ten such emigrants got &illed in recent times *<<;2*<<L!4 ,xpatriates in such environments are paid *2- times more than their domestic salaries4 Long term Benefits( #he most common long term benefits offered to employees of M$Cs are ,mployee %toc& )ption %chemes ,%)%!4 #raditionally ,2%)% were used as means to reward top management or &ey people of the M$Cs4 %ome of the commonly used stoc& option schemes are( 2 ,mployee %toc& )ption 0lan ,%)0!2 a certain nos4 of shares are reserved for purchase and issuance to &ey employees4 %uch shares serve as incentive for employees to build long term value for the company4 2 /estricted %toc& Unit /%U! B #his is a plan established by a company1 wherein units of stoc&s are provided with restrictions on when they can be exercised4 8t is usually issued as partial compensation for employees4 #he restrictions generally lifts in -2D years when the stoc& vests 2 ,mployee %toc& 0urchase 0lan ,%00! B #his is a plan wherein the company sells shares to its employees usually1 at a discount4 8mportantly1 the company deducts the purchase price of these shares every month from the employeeIs salary 6ence1 the primary objective for providing stoc& options is to reward and improve employeeIs performance and Hor attract H retain critical talent in the )rgani:ation #axes( #he final component of the expatriateIs remuneration relates to taxes4 M$Cs generally select one of the following approaches to handle international taxes( '4 #ax e3uali:ation( Firms withhold an amount e3ual to the home country tax obligation of the expatriate1 and pay all taxes in the host country4 *4 #ax protection( #he employee pays up to the amount of taxes he or she would pay on remuneration in the home country4 8n such a situation1 the employee is entitled to any windfall received if total taxes are less in the foreign country than in the home country4 8nternational Compensation #axes %alary Benefits Long term Benefits 8ncentives 7llowances Fig4 components of 8nternational compensation Factors influencing these components ( /emuneration or compensation varies country to country and one M$C to another4 Mainly based on two factors( ,xternal and 8nternal4 ,xternal Factors 8nternal Factors Domestic 2 Labour Mar&et

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2 Cost of living 2 Labour Union 2 Fovt4 Legislation 2 %ociety 2 ,conomy 2 Business strategy 2 +ob ,valuation and 0erformance 7ppraisal 2 #he employee /emunerationH Compensation 8nternational 2 0arent $ationality 2 Labour mar&et characteristics 2 Local Culture 2 6ome and 6ost Countries FovernmentIs /oles 2 8ndustry #ypes 2 Competitors %trategy 2 Foal orientation 2 Capacity to pay 2 Competitive %trategy 2 )rg4 Culture 2 8nt4 @or&force composition 2 Lab4 /elations 2 %ubsidiary role 6owever1 these factors can be classified in five categories( '4 0rosperity 9 %pending 0ower )f the company a related factor is the different #ax and social security %ystem in the country4 *4 Cultural Difference -4 0olicy 9 %trategies in productivity and 0erformance evaluation! .4 %ituations on the relevant Labour mar&et 9 Labour capital ratios D4 8nstitutional Framewor&s within which wage Bargaining ta&es place Compensation 0hilosophy( %ince compensation is a crucial factor1 having its bearing on performance and satisfaction1 it is advisable that international business should have a clear cut compensation philosophy $ow the 3uestion comes what is Compensation 0hilosophyG Compensation philosophy is the set of values and beliefs that an organi:ation has with regard to monetary and non monetary benefits payable to employees4 7ny compensation philosophy should cover the following aspects( J Foals of the organi:ational compensation system J 0ercentage of compensation lin&ed to individual performance and base salary4 J /ole of performance appraisal in disbursing compensation J #he positioning of compensation of employees relative to mar&et #herefore1 Compensation philosophy or the set of values and beliefs Combined with a set of guidelines that further assist in compensation administration of M$Cs4 #heories of compensation( #here are generally! . theories in the context of international compensation( '4 Contingency theory4 *4 /esource B based theory4 -4 #he 7gency theory and .4 ,3uity theory

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'4 Contingency theory most popular! ( ,xpats compensation should be based on particular contingencies or situation prevailing in a host country4 #he compensation 0hil4 8n every organi:ation is normally de centrali:ed and allows units to locali:e the compensation structure *4 /esources based theory( 6uman resource is the greatest asset of the M$Cs in its competitive advantage needs good pay and st4 salary band for cont4 motivation4 #he organi:ations follow this theory1 remain mar&et B sensitive and are constantly reviewing compensation to retain their position in the hiring and retaining the talents -4 #he 7gency #heory( #his theory focused on the divergent interests and goals of org4Is sta&eholders and the way that employees compensation can be used to align these interests 9 goals4 7ccording to this theory1 there exists a principle B agency relationship between the M$Cs 65 and its %ubsidiaries for ,xpats Compensation4 .4 ,3uity #heory( ,3uity theory suggests that there should be a fair balance between an expatriateIs contribution to an M$C and what he H she receives as compensation4 )f late1 the e3uity principle is sought to be compromised with a new approach to compensation B ? 0erson based rather job centricN 4 Compensation practices in different countries( #he overall compensation pac&age often varies from country to country due to legally mandated benefits1 taxes1 cost of living1 cultures and employee expectations4 @hat is Cost of livingG 7n inflationary indicator that measures the change in the cost of a fixed bas&et of products and services1 including housing1 electricity1 food1 and transportation4 #he cost2of2living index is published monthly4 also called cost2of2living index4 also called Consumer 0rice 8ndex C08!4 $orway -'4D D Fermany former @est! -'4*D %wit:erland *L4CL Belgium *L4L%weden *D4'C United %tates *'4EL France *'4'Britain *<4-L +apan *<4<E 7ustralia *<4<D Canada 'E4*C 8taly 'C4-D %pain '.4E; 8srael ''4LAorea '<4*C 0ortugal ;4*#aiwan D4C. Bra:il *4;L Mexico *4.C China <4;%ri Lan&a <4.E C)U$#/O KH6)U/ 6ourly @ages in Different Countries>>6owever1 7s we observed1 there are 1 some common elements in compensation pac&age including base salary1 benefits1 allowances1 incentives and taxesP let see the compensation systems in the different countries( Criterion 7merica +apan /ussia Middle ,ast )rientation 0erformance 2 oriented %eniority 2 based +ob B level based $ationality group and job level Components B%1"B1L#81 CBC1 "BC M@ B7Q)#!1 "B B%1 FB1

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$MB B%1 671771 F71 7FH"#1 %F1 "B 8ncentives4 Lin& with performance ,xcellent lin&age Moderate lin&age 0oor lin&age Moderate Lin&age Basis of 8ncrease 7nnual merit increase %eniority and age1 performance ratings1 spring wage negotiation %eniority in +ob level +ob Level 8nfluencing Cultural variables 7chievement B orientation Material possession 6ierarchyP 0atience Material 0ossessions Material 0ossessions %tatus seniority B%2 Basic %alary1 "B B "ariable bonus1 L#8 B Long tern incentives1 CBC B Compulsory benefit contributions1 "BC2"oluntary benefit contribution1 M@ B Monthly wage1 B7 B Basic 7llowance1 )# B )vertime1 FB B Fixed Bonus1 $MB B $on monetary benefits! 7pproaches to expatriate are compensation( @or&ing within the components described above1 M$Cs see& to tailor remuneration pac&ages to fit with the specific siuation4 For example1 senior level managers1 in +apan are paid four times more than their juniors staff members4 #his is sharp contrast to the U%1 where the gap is much higher4 Many senior B level managers in ,urope are paid much less than their U% counterparts4 8n designing an expatriateIs remuneration1 firms generally follow a number of approaches4 #he most common are two( '4 #he Balance2sheet or 6ome B net system *4 #he local Foing rate system or locali:ation system Balance2%heet 7pproach( @hich involves ensuring that the expatriateIs is R made wholeI and does not lose money by ta&ing the foreign assignment4 #he basic objective is to maintain the home B country living standard1 plus offer some financial inducement #hus1 it lin&s the salary of expatriates and #C$s to home country salary structure4 #he &ey assumption is that foreign assignees should not suffer financially due to transfers4 #he salary pac&age is divided into four parts( J F))D% 7$D %,/"8C,% B F))D1 0,/%)$7L C7/,1 CL)#68$F1 6)U%,6)LD FU/$8%68$F1 /,C/,7#8)$ J 6)U%8$F( Major cost associated with host country J 8$C)M, #7S,% B 0arent country and 6ost country income taxes J /,%,/", B C)$#/8BU#8)$% #) %7"8$F%1 07OM,$#% F)/ B,$,F8#%1 0,$%8)$ C)$#/8BU#8)$%1 8$",%#M,$#%1 ,DUC7#8)$ ,S0,$%,%1 %)C87L %,CU/8#O #7S,%T @hen costs associated with the host country assignment exceed e3uivalent costs in the parent country1 the firm and expatriates1 together meet these costs to ensure that parent country e3uivalent purchasing power is achieved4

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For example1 if U% national is posted in 8ndia and suppose the dollar exchange rate is K ' U /s4 D<H2 and C)L7 8ndex is D1 then the brea& up of the annual pay will be ( 8tem 7mount in K per year in U% 0aid in K in 8ndia 0aid in /s4 8n 8ndia Base pay Cost of living allowance )verseas allowance 6ardship allowance 6ousing deduction 8ncome tax deduction #otal pay '1<<1<<< '<1<<< *<1<<< D1<<< 2'<1<<< 2-<1<<< K ED1<<< ;<1<<< $il *<1<<< D1<<< 2 '<1<<< 2 -<1<<< K .D1<<< *<1<<<1<< D1<<1<<< $il $il $il $il /s4 *D1<<1<<< 7dvantages( J ,xpatriate is guaranteed his home country spending power4 J ,asy to communicate to employees Disadvantages( #hree problems faced in applying this system are( '4 /ecalculating the salary from gross to net and vice versa4 *4 8n grossing up the net income in the host country1 there should be strictly identical items same car and housing!4 #his is the difficulty4 -4 Can result in disparities between expatriates of different countries *4 Foing /ate 7pproach( 8n this1 expatriates are paid according to the host country salary structures4 J Based on local mar&et rates B the base salary is lin&ed to the salary structure in the host country4 J Base pay and benefits may be supplemented by additional payments for lowpay countries4 7dvantages J ,3uality with local nationals J %implicity J 8dentification with the host country J ,3uity among different nationalities Disadvantages J "ariation between assignments for same employees J "ariation between expats of same nationality in different locations

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8ndian expatriated to the U% may be compensated better than those assigned to a developing country!0otential re2entry problems on return to home country1 the expats4 finds that his or her compensation is lower than that of the host country4 #he %tandard 0olicy of Compensation management re3uired( 7! #he &nowledge of employment and taxation laws( customs1 cost of living index1 environment1 employment practices of various countries4 B! #he &nowledge of labour mar&ets and industry norms regarding benefits and compensations4 C! #he &nowledge of foreign exchange rate fluctuations and monitoring rate of inflation or cost of living 8ndex in different countries4 D! #he &nowledge and clear conception about the vision and mission of the company1 its corporate philosophy regarding managing human resources1 its corporate strategy of growth or stability and strategy of its business units regarding cost1 leadership1 differentiation and innovation Conclusion( J 6igher basic salary with lower benefits and incentives or J Lower salary with higher level of benefits and incentives 1 may not motivated the expatriates and therefore1 re3uired high degree of expertise H standard policies for M$Cs specially in the field of compensation management4 J #he policy decisions should be consistent with the overall strategy structure and business needs of the multinationals4 J #he policy should be attract and retain the best staff in those areas where the firm has greatest needs and opportunities and where its core competencies4 J #he policy must facilitate the transfer of international employees in a cost effective manner4 J #he policy should give due consideration to e3uity case of administration4 0repared by Dr4 %hyamal Fomes 222222222222222222xxxxxxxxx2222222222222222222222 computation( sample computation ( using -D< as basic daily rate and .-4LD as basic hourly rate '4 /egular wor&ing day with overtime pay a4 '*D= of .-4LD U '4*D x .-4LD U D.4;E )#H6/ *4 /egular wor&ing day with night differential pay a4 ''<= of -D< U -CD -4 /egular wor&ing day with night differential and overtime pay a4 ''<= of '*D= of .-4LD! U '4' x '*Dx.-4LD! U ;<4'; otHhr .4 @or& performed on the rest dayH %undayHspecial holiday a4 '-<= U '4- x -D< U .DD D4 )vertime pay on rest dayH%undayHspecial holiday a4 '-<= U '4- x '4-x.-4LD! U '4- x D;4CC U L-4E. )#Hhr ;4 $ight differential pay on a restdayH%undayHspecial holiday a4 ''<= of '-<= of -D<! U '4' x '4- x -D<! U '4' x .DD U'4' x .DD U D<<4D< rate H day L4 For overtime shift wor& falling on the restdayH %undayHspecial holiday a4 ';E= of .-4LD Q '< = of ';E= of .-4LD! U L-4E. Q 4'< x L-4E.! UL-4E. QL4-E UC'4-C4 For wor& performed on a special holiday falling on a rest day a4 'D<= of -D< U '4Dx-D< U D*D E4 )vertime pay on a special holiday falling on a restday a4 'D<= of .-4LD Q -<= 'D<=of .-4LD! U'4Dx.-4LD Q 4-<x;D4;-! U;D4;-Q'E4;E

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UCD4-* )#H6/ '<4 For regular night shift on special holidays falling on a rest day a4 ''<= x 'D<= of .-4LD! U'4' x '4D x.-4LD! U'H' x ;DHDUL*4'E )#H6/ ''4 )vertime pay on the regular holiday a4 '-<= of *<<= of .-4LD! U 'H- x *H< x .-HLD! U'4- x CL4D< U''-HLD )#H6r '*4 For regular night shift falling on a regular holiday a4 ''<= of *<<= of .-4LD! U'4' x *4<x.-4LD! UE;4*DHhr '-4 For overtime shift falling on a regular holiday a4 *;<= of .-4LDQ'<= of *;<= of .-4LD! U *4; x .-4LD!Q4'<x *4;x.-4LD! U ''-4LD Q 4'< x ''-4HLD! U ''-4LD Q ''4-C U'*D4'- )#Hhr '.4 For wor& performed on a regular holiday falling on a restday a4 *<<= Q -<= of *<<=! of -D< U *4< Q ;<!x-D< U *4;< x -D< UE'< 'D4 )vertime pay on a restday which falls on a regular holiday a4 '-< = of *;< = of .-4LD! U'4- x *4; x .-4LD! U'4- x ''-4LD U'.L4CC )#Hhr ';4 For night shift wor& on regular on a regular holiday which falls on a restday a4 ''<= of *;< = of .-4LD! U '4' x *4;x.-4LD! U'4' x ''-4LD U'*D4'- hr 0ayroll output( 0ayslip 8tems Cut2off periodH 0ay out date %alary H pay grade ,mp4 8D4 DepartmentH Division Basic payH income Fross pay Deduction o FovIt Mandated Dedution o Company2 related deductions o Benefits if any! 8ncentivesHcommissions $et pay #ax exemption

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