What is a pay slip?
A payslip is a document or an officially generated piece of paper that contains detail of the money that an employee must be paid after a certain period. The length of the period is decided by both the employee and the employer at the time of the employment agreement. The document is very important as it serves as a record or receipt that the money has been paid for the services rendered.
An employee working in any organization can need to have a payslip whether he is on payroll or not. The payslip is used to summarize how much an employee of an organization has been paid.
Everyone knows the importance of paying the employee on time. Providing payslip is equally important. It is the obligation of any organization to provide the payslip to the employee along with his pay. The payslip should be issued on a paper. It can be in your own writing or can be electronically typed form. Always make sure before giving this slip to an employee that you have added a correct piece of information on it. The wrong information on the payslip can lead to many complications. It is also referred to as salary slip.
The salary slip should be written in simple English. you should hand it over to each and every staff member of your organization confidentially. Make sure that your staff members can access their payslip whenever they want. Also keep a copy of payslip with you as a payslip proves that you have paid the money to the person.
You can get a very simple and easy template of payslip from the internet. It is totally free. All you have to do it to change the name of the organization. There are different types of salary slips; you can choose the one that meets the need of your organization.
Contents of the Payslip
A pay slip should have the necessary information relevant to the employee’s salary. Since its main purpose is to give a transparent and clear picture of how is the monthly income computed. It includes
- Title of the company.
- Employer’s name.
- Employee’s name.
- Address of the employee.
- Payroll number.
- Tax code.
- Date of payment
- Mode of payment. (cash, cheque, online bank transfer )
- Start and end date of each salary period.
- Basic salary.
- Allowances. ( house rent, transport etc. )
- Over time working hours details.
- Additional payments. (bonuses, rest day pay, public holiday )
- Taxes and fines (if any).
- Net salary paid in the month.
Who should receive a payslip?
Individuals who are currently employed and are rendering their services to a firm, company or an organization should be given a payslip. From the top tier management down to the maintenance staff should be given a payslip containing information regarding their salary.
As mandated by law, business entities utilizing the skills and expertise of their employees must be given an honest and factual pay slip as the basis for their compensation.
When should a pay slip be given?
An employer can issue soft or hard copies of the payslip to each employee. It is important that the employer give payslip at least once a month. If the salary period is issued at the last of the month a pay slip should be given to the employee within seven days after the last day of that month. For example, an employer should issue the pay slip by the 7th of February for the work done for the month of January.
Preview of the template describes how it works. It has detail for the company, employee information along with wages and amount to be paid. A complete record can be maintained for the employee salary. Download and customize the template with your personal information. Print two copies: one for the employee and another one for the official record.
Download your file below.
File Size: 36 KB
Payslip Template NEW
Format: MS Excel