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Nobody wants to work for free. Payday is the most exciting day for an employee. As an employee, you must have come across a payslip before. It is an essential part of any employment. It helps you as an employee understand and manage your money. It is very important for employees to understand the use of payslip as it determines what they owe and what they earn.
A payslip is a document provided to the employee by the employer outlining detailed vital information concerning your salary. According to Priyanka Tripathi, a payslip is a receipt given by your employer, which communicates critical information like your gross income, deductions, taxes, and net income. Another name for payslip is paycheck, paycheque or salary slip.
In countries like the United Kingdom, an employer must provide you with a payslip according to your right as an employee. But exceptions are peculiar to those that work with the police service, contractors, consultants, merchant seaman, a crew member or freelance. All employees are rightfully entitled to a payslip at or before payment time.
The payslip format varies from company to company or organization to organization. An employer may decide to give the payslip in a print method (paper) or electronic medium (online via email). With the modernization of so many things, most employers prefer the electronic medium.
This is because it is easily accessible and can be retrieved at any time. It saves paper as well.
Vital Information on a Payslip
There is important information that every payslip must carry. They include:
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In addition, all employees must keep their payslip in a well-secured place to prevent any form of identity fraud. If a thief gets a copy of your payslip, he/ she will have access to your personal information such as your address, payslip number and your account details.
There are three types of payslip namely Normal Payslip, Adjustment Payslip and Supplementary Payslip.
Normal Payslip: Normal Payslip is the payslip that contains the normal pay for the pay period.
Adjustment Payslip: This payslip is used when an employee had been overpaid or underpaid. It is used when a change is necessary on the normal payslip.
Supplementary Payslip: This payslip is used when there is an extra payment is paid to the employee after the normal payslip had been issued. It can be used when paying for overtime or bonuses.
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