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Merciglobal Systems Pvt. Ltd. – Salary Payment Policy

Effective Date: 29th June, 2024

1. Purpose

The purpose of this policy is to define clear guidelines for salary calculation, disbursement, and compliance with statutory requirements. This ensures timely and transparent salary payments to all employees of Merciglobal Systems Pvt. Ltd.

2. Scope

This policy applies to all permanent, probationary, and contractual employees of the organization.

3. Salary Structure

  • Salary is structured as per the terms mentioned in the employee’s appointment letter.
  • The salary package may consist of:
  • Basic Pay
  • Conveyance / Travel Allowance
  • Special Allowances
  • Performance-based Incentives
  • Deductions (PF, ESI, Professional Tax, Income Tax, etc.)
  • Salary is calculated as per working days in the month.

4. Payment Cycle

  • Salaries are processed on a monthly basis.
  • Salary will be credited on or before the 10th working day of each month for the preceding month.
  • Any changes in payment date will be communicated by HR/Finance in advance.

5. Mode of Payment

  • All salaries will be transferred through bank transfer to the employee’s designated salary account.
  • No cash payments will be made.
  • Payslips will be shared via the employee portal/email.

6. Attendance & Leave Impact

  • Salary is subject to adjustments based on attendance, late marks, or unpaid leave.
  • Leave encashment or deductions (if applicable) will be reflected in the salary of the respective month.

7. Statutory Deductions

  • Deductions such as Professional Tax (PT), and Income Tax (TDS) etc. will be made in compliance with applicable laws.
  • Employees must provide necessary investment proofs for tax benefits within stipulated timelines.

8. Incentives & Bonuses

  • Performance-linked incentives, bonuses, or commission will be paid as per the company’s incentive policy and timelines.
  • Such payments may not follow the regular salary cycle and will be communicated separately.

9. Full & Final Settlement

  • In case of resignation, termination, or retirement, the final settlement will be processed within 30 working days of the employee’s exit clearance, as per the exit policy.
  • This will include pending salary, leave encashment, gratuity (if applicable), and any other dues.

10. Policy Review

The HR & Finance Department will review this policy annually to ensure compliance with labor laws and organizational practices.