Difference Between Cost to Company (CTC) and Gross Salary
The phrase “cost to company” (CTC) refers to an employee’s whole compensation package. It includes not just the employee’s base income but also any additional amenities like health insurance, retirement contributions, and other incentives that the employer provides for the employee. On the other hand, a worker’s gross wage is their pay before any deductions are made. It is the salary an employee receives, often determined monthly or biweekly. Before any taxes or other deductions are made, an employee’s gross salary is the sum of their earnings.
In conclusion, gross compensation is the total amount that an employee makes before any deductions are made. In contrast, CTC is the total amount an employer spends on an employee, including benefits.
What is Salary Slip?
A salary slip is an important document that is issued by an employer to an employee as a record of the employee’s salary and other deductions. Salary slip is typically issued on a monthly basis and includes details such as the employee’s name, salary, and any deductions that have been made from the salary, such as taxes and insurance premiums.
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