This module allows employees to choose their salary structure that is most beneficial to them. The Compensation Structure can be defined with flexi and non-flexi components, including minimum and maximum allowances in each category. Employees can get a comparison of the selected structure with the old structure.
Key features of the Compensation Structure module are:
- Different type of salary structures can be created and assigned to employees.
- Multiple structures can be defined based on grade.
- Employee can view and edit the flexi components any number of times before the cut-off date.
- System automatically calculates the balancing amount.
- Flexibility in opening up the compensation structure to edit (Monthly Quarterly, Half Yearly & Yearly).
- Detailed reporting to identify the changes in structures and listing those employees that have or have not submitted the compensation structures