Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
Showing 2 terms
The core salary component from which PF, gratuity and HRA exemption are calculated.
The number worth negotiating. A higher basic means more forced saving and less monthly cash; a lower basic means the reverse.
A mandatory retirement scheme where employee and employer each contribute 12% of basic salary.
Around 8% tax-free and government-backed — the best debt allocation most salaried Indians will ever get, and the one most often forgotten in an asset-allocation sum.