Joined: Jun 2018
Everything You Should Know About Salary Slip / Pay Slip
Salary slip, also known as pay slip, is given to every employee of
companies small and large. Some employers issue the pay slip on
paper while others email it to staff. Yet others get it by post.
Salary slip carries details about your earnings for any particular
time period. Some get a salary slip every month, others every
fortnight and many, every week.
However, most of us dispose to salary slip without giving it the
due importance. Mainly, because we all want to know the money
we made and how much went to deductions of various types.
What is Salary Slip / Pay Slip?
A salary slip is also known as pay slip in some countries.
Understandably, because salary slip is given to employees whose
monthly pay and allowances are known.
Pay slip salary, in comparison, is given to workers whose income
and allowances can vary according to number of hours or days
they work. Regardless, they both indicate your earnings.
Importantly, a salary slip is a vital legal document too. Moreover,
it is legally binding upon your employer to issue you to salary slip
as proof and statement of your earnings and deductions if any.
It is compulsory for you to endorse the salary slip to acknowledge
you have got the money it mentions.
Getting a salary slip or pay slip
It is your legal right to ask and get an original salary slip or pay
slip. Of course, you may be working for a very small firm or
private employer. However, you can always request your employer
for some form of a salary slip.
The employer may hand you to a simple paper indicating your
salaries or wages, days worked and deductions if any. However,
this is more than sufficient, as long as it is signed and stamped
by your employer.
Alternatively, you can get your simple salary slip from these
Human Resources / Finance / Administration department of your
Payroll service provider who manages salaries and wages for your
employer on outsourcing basis.
Your bank can also give your pay slip if your earnings go directly
into your bank account. However, it will only indicate a salary
transfer without much detail.
Importance of a salary slip
Your salary slip is important for many reasons. Therefore, it is
essential to obtain one every month. Further, you also need to file
your pay slips carefully for future reference.
1. It will decide whether or not you will pay income and other
taxes. Your salary slip will also help fix how much money you will
pay as taxes every year. In addition, you will know how much
income tax returns you can claim from the government.