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Hello 🐟🎏
When will be the retention bonus will be paid if a candidate joined TCS in the middle of the financial year. I.e September'22... Will that be paid on next year's September'23 Month only after completing an year in TCS?
And will the Retention bonus will also be considered as taxable income of the the current year taxes(2022-23)?
Looking for valuable suggestions!!!
Tata Consultancy
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I have some doubt regarding pf contribution... Say for example.. 12% of my base salary is 600 which gets deducted from my salary.. on the flip side.. the company has to contribute 600 to my pf (which is actually deducted from my salary only like already part of CTC)?. So my question again is that.. the company contributes 600 as well? PwC
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Chief
I can see why the confusion related to variable. You guys are not familiar with the salary structure in big4s I guess which is completely fine. The offer letter always has the fixed pay or base pay component mentioned along with the salary breakup. It is also mentioned that one is eligible for a yearly bonus which is a percentage of the base pay subject to the firms performance and individual performance. These bonuses vary but typically are above 10% of the base pay and rises with ones individual performance and profit margin of the firm. I hope this clarifies things.
thank you!! Do you know in the RFB what options ar provided? Like does PwC india offer Medical insurance above and beyond the salary or is it part od the RFB, and same for sodexo meall plan, do they have a limit on contribution?
Chief
The variable mentioned is the bonus which all employees are entitled to get at the end of the year. Typically it is 10% for an average performer and can go upto 30% for high performers. Since this figure depends on lot of factors like individual performance, firm’s performance, it is not mentioned in the offer letter.
Same with me, HR told 15% annual bonus for PWC SDC Banglore but not mentioned in the offer letter.
Chief
EY also mentions in offer letter as 10 percent