meaning of basic salary
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- Basic Salary definition. Basic salary is the amount paid to an employee before any extras are added or taken off, such as reductions because of salary sacrifice schemes or an increase due to overtime or a bonus.llowances, such as internet for home-based workers or contributions to phone usage, would also be added to the basic salary. This compares with gross salary and net salary. Companies also use the term cost to company, which refers to the total cost to the company of employing someone.
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basic salarynoun  [ C or U] uk ​ us ​ US usually base salary. › HR the amount of money that someone earns every year in their job, not including any extra payments they may receive: earn/be on/get a basic salary of She earns a basic salary of £450K per annum. On top of his basic salary, the CEO could also receive share benefits. a modest increase in basic salary. pay a basic salary For the right person, we are willing to pay a basic salary of $200,000, plus bonus. (Definition of “basic salary” from the Cambridge Business English Dictionary © Cambridge University Press)
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What is base salary?     No, Base Salary is your yearly income before commissions or bonuses. This Figure is before taxes are deducted     Hourly rate is a set wage that you charge … or earn for work performed.     Hourly rate Formula:   Divide annual rate of basic pay by 2,087 hours.onfidence votes 384. Base salary is what you get each month (or each week) to do what you are required to do within the hours agreed. Besides the base salary, you may be entitled to a commission, bonus, premium, etc. It must be written black on white in the contract.
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The Difference Between Base Salary & Total Compensation Base Salary. Base salary is what you see on your paycheck. It is the amount per hour or per year that you are paid for performing your job. Base salary does not include any bonuses, benefits or perks associated with the job.It increases with raises or adjustments, but remains the yearly or hourly wage paid. Base salary is typically the number you say when people ask you how much you make -- what you are paid.otal compensation is everything the company provides an employee in exchange for working. It includes base salary, bonuses, benefits, perks and on-site amenities. Total compensation indicates that an employee is making two or three times his base salary.
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- Confidence votes 384. Base salary is what you get each month (or each week) to do what you are required to do within the hours agreed. Besides the base salary, you may be entitled to a commission, bonus, premium, etc. It must be written black on white in the contract.onfidence votes 384. Base salary is what you get each month (or each week) to do what you are required to do within the hours agreed. Besides the base salary, you may be entitled to a commission, bonus, premium, etc. It must be written black on white in the contract.
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- Back to Top. Definition of salary noun from the Oxford Advanced Learner's Dictionary. money that employees receive for doing their job, especially professional employees or people working in an office, usually paid every month an annual salary of $40 000 a 9% salary increase She's on a salary of £24 000.(British English) He gets a basic salary plus commission.oney that employees receive for doing their job, especially professional employees or people working in an office, usually paid every month an annual salary of $40 000 a 9% salary increase She's on a salary of £24 000. (British English) He gets a basic salary plus commission.
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- Generally, basic salary is fixed between 30% to 50% of total salary. It is done so that employee can get an appropriate tax exemption as well as retirement benefit. 2. House Rent Allowance (HRA) – HRA is basically an allowance, which forms a part of one’s taxable salary.It is in the range of the 40% or 50% of basic salary. It is not mandatory for the employer to give HRA.But, if an employer chooses to offer the allowance as part of salary then employee may get some part of it as tax-free if the employee satisfies certain conditions. 3.enerally, basic salary is fixed between 30% to 50% of total salary. It is done so that employee can get an appropriate tax exemption as well as retirement benefit. 2. House Rent Allowance (HRA) – HRA is basically an allowance, which forms a part of one’s taxable salary.
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Definitions &Translations Salary. A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis.
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Definition of Base Pay Base pay refers to the lowest amount of money that a person can receive under an employment agreement. For instance-Joe Smith gets hired on to sell cars at a local car lot. The owner agrees to pay Joe Smith a base salary of $12,000 per year, provided that he works at least 40 hours a week.Joe will also make a commission off of every sale. In this case, Joe s base pay would be $12,000 per year.Provided that he lives up to his end of the employment deal (that is, working 40 hours per week), he will make a minimum of $12,000 per year in salary. Another example-Larry Smith gets hired to work at a Wall Street brokerage firm.n this case, Joe s base pay would be $12,000 per year. Provided that he lives up to his end of the employment deal (that is, working 40 hours per week), he will make a minimum of $12,000 per year in salary. Another example-Larry Smith gets hired to work at a Wall Street brokerage firm.
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- Salary is a regularly paid amount of money, constituting all or part of an employee's wages, paid on a weekly or less frequent basis, that is not subject to reduction due to the quality or quantity of work performed. This is the general definition in federal law (29 CFR 541.118).ince salary constitutes wages at straight time for all hours worked, the employer owes an additional half-time for the hours in excess of 40 in a week. An example follows: Example: A non-exempt employee is paid a salary of $500 per week, and works 50 hours in a given week.
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Salary Law and Legal Definition Salary Law and Legal Definition. Salary is financial compensation an employee receives for performing the job, and part of an employee compensation package. Salary can be on an hourly, daily, weekly, monthly, or yearly basis. Salary may also include overtime pay, bonuses, and commissions.
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base salary Definition. Base salary is a fixed amount of money paid to an employee by an employer in return for work performed. Base salary does not include benefits, bonuses or any other potential compensation from an employer. Base salary is paid, most frequently, in a bi-weekly paycheck to an exempt or professional employee.he base salary was at an acceptable level for the employee to join our firm and he was likely to receive bonuses as well. 11 people found this helpful. If you are looking to hire new employees offering a good base salary will help you to get the most qualified candidates.
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What Does It Mean When They Say Base Pay Salary? Base Pay Inclusions. Base pay can be hourly wages or salary. If you earn $12 per hour, that’s your base wages. If you earn weekly salary of $700, which is $36,400 annually, that’s your base salary. Depending on your performance or arrangement with your employer, your base pay may change. Suppose you earn $36,400 annually and receive a 5-percent annual performance increase.
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Definitions &Translations salary(Noun) A fixed amount of money paid to a worker, usually measured on a monthly or annual basis, not hourly, as wages. Implies a degree of professionalism and/or autonomy. salary(Verb) To pay on the basis of a period of a week or longer, especially to convert from another form of compensation.
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Part 6. Human Resources Management WGI purposes, an employee's rate of. basic pay is the rate of pay fixed by. law or administrative action for the. position held by the employee before. any deductions and exclusive of. additional pay of any kind. http://www.opm.gov/policy-. data-oversight/pay-.
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Definitions &Translations Freebase(2.20 / 5 votes)Rate this definition: Salary. A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis.
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Definitions containing wage bill In public policy, a living wage is the minimum income necessary for a worker to meet their basic needs. This is not necessarily the same as subsistence, which refers to a biological minimum, though the two terms are commonly confused. These needs include shelter (housing) and other incidentals such as clothing and nutrition.
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The Differences Between Base Pay & Annual Pay Base Pay. Base pay is a term that generally describes the minimum compensation that you can expect to make on your job. Base pay can be expressed in terms of an hourly rate of pay, such as $10.15 per hour, or it can be expressed in a number of other different forms. If you work on a salary basis, your base pay may be expressed as a monthly figure such as $4,000 per month, or on a yearly basis as $48,000 per year.
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- The starting salary is the amount of money your employer will compensate you during your first days, weeks or months of employment. There is no law regarding how soon after you begin employment that your employer must give you a raise.
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- Basic Pay. Basic Pay is the base salary for a Soldier on active duty and counts for part of total military income. Basic Pay is electronically distributed on the 1st and 15th of every month, similar to many civilian jobs.Basic Pay for a Soldier depends on length of service as well as rank (most enlisted Soldiers enter the Army as a private). 1  Regular Army: Active Duty. 2  Regular Army: Retired. 3  Army National Guard: Federal Active Duty.asic Pay is electronically distributed on the 1st and 15th of every month, similar to many civilian jobs. Basic Pay for a Soldier depends on length of service as well as rank (most enlisted Soldiers enter the Army as a private). 1  Regular Army: Active Duty. 2  Regular Army: Retired. 3  Army National Guard: Federal Active Duty.
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What is the difference between consolidated salary, basic salary, gross salary, net salary? Best Answer: Basic Salary is the Salary is fixed without any allowances. The annual increment is to the basic salary and the basic salary changes on every promotion. Gross Salary is with all allowance like Dearness Allowance, HRA, Vehicle allowance etc.
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The Differences Between Base Pay & Annual Pay Base Pay. Base pay is a term that generally describes the minimum compensation that you can expect to make on your job. Base pay can be expressed in terms of an hourly rate of pay, such as $10.15 per hour, or it can be expressed in a number of other different forms. If you work on a salary basis, your base pay may be expressed as a monthly figure such as $4,000 per month, or on a yearly basis as $48,000 per year. Annual Pay Annual pay differs somewhat from base pay because annual pay is not necessarily a baseline or minimum figure you can expect to make.
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Calculators FEGLI Calculator Basic Pay. Basic Pay is defined as the rate fixed by applicable law or regulation. Examples of special types of pay included in Basic Pay are: Night differential pay for wage employees. Environmental differential pay for employees who work under hazardous situations. Premium pay for groups such as law enforcement officers.
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The Nervous System Neurons may have Dozens or even Hundreds of DENDRITES but usually ONLY ONE AXON. Sensory Neuron or Afferent Neuron Moving away from a central organ or point. Relays messages from receptors to the brain or spinal cord. Motor Neuron or Efferent Neuron  Moving toward a central organ or point. Relays messages from the brain or spinal cord to the muscles and organs.
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Basic Pay Benefit Fact Sheet. Basic Pay is the base salary for a Soldier on active duty and counts for part of total military income. Basic Pay is electronically distributed on the 1st and 15th of every month, similar to many civilian jobs. Basic Pay for a Soldier depends on length of service as well as rank (most enlisted Soldiers enter the Army as a private).
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basic salarynoun  [ C or U] basic salarynoun [ C or U ] earn/be on/get a basic salary of She earns a basic salary of £450K per annum. On top of his basic salary, the CEO could also receive share benefits. pay a basic salary For the right person, we are willing to pay a basic salary of $200,000, plus bonus.