How to Calculate Monthly Salary?

Modified on Wed, 31 Aug 2022 at 05:17 PM

There are two options available for calculating the monthly salary. 

But before that,


  1. Open the SalaryBox App and go to Settings.

  2. Select Salary Settings.

 

The employer can choose two different calendar months for calculating the monthly salary.


Option 1: Default Calendar Month

Employees receive their pay based on present days and applied leaves in this option.

 

Calculating the salary for January 

 

A- Total Salary = 30,000 

B- Working days (including week-off) = 31 

C- Paid leaves applied = 1 

D- Absent = 2 

E- Number of days present (Including Week-off) = 28 

Gross total salary = (A/B)*E 

Gross total salary = (30,000/31)*29= 28,064 

 

Option 2: 30-Day Month

Employees receive their pay based on absent days and applied leaves in this option.

 

Calculating the salary for January

 

A- Total salary = 30,000

B- Working days (Including Week-off) = 31 

C- Paid leaves applied = 1 

D- Absent = 2 

E- Number of days present (Including Week-off) = 28 

Gross total salary = A-((A/30)*D) 

Gross total salary = 30,000-((30,000/30)*2) = 28,000 

 

Note: 

  1. Payable days <= 10, then salary is calculated based on the number of payable days.

  2. Payable days > 10, then salary calculated on (30-absent) days.



Payable days monthly (present+week off+2*double present+0.5*Half days+Holidays+paid leaves)

Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us know how can we improve this article!

Select atleast one of the reasons

Feedback sent

We appreciate your effort and will try to fix the article