![]() Compulsory deductions include tax and Unemployment Insurance Fund contributions. Voluntary deductions include staff loans, donations to charities, gym fees and in some cases union fees. When looking at deductions, it is important to note that personal/voluntary deductions cannot exceed 25% of your gross pay. Total number of ordinary and overtime hours worked.Number of hours worked on a Sunday or public holiday.Number of ordinary and overtime hours worked.Employee’s pay and overtime rates for the month.Therefore, you need to understand what sort of information goes onto your payslip throughout your career.Īccording to the Basic Conditions of Employment Act, your payslip must contain the following information: Your payslip is also how you can provide proof of your employment, and holds a lot of weight with financial institutions. As an employee you have to know how much you will be paid and what all those deductions mean in order to do proper financial planning. Your payslip contains important information including your contribution to UIF (Unemployment Insurance Fund), your tax code, your payroll number, gross pay and net pay. It could be your first payslip, or maybe you’ve been working for some years, but either way, what is essential is that you should understand what the information means. You open it up and realise you have no clue what’s going on. You have received your first payslip, online or in an envelope from your finance department. ![]() By David Crossley, CFP® BDO Wealth Advisers ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |