Question: What Is The Meaning Of Consolidated Salary?

What is a consolidated employee?

The Consolidated Employment Contract (CEC), created in 1992, is a part-time employment contract (generally for 30 hours a week) for a 12-month fixed term, renewable up to a maximum of five years..

What is the difference between basic pay and basic salary?

What is the difference between base salary and basic salary? The base salary is a subcategory of the basic salary, referring to the initial amount of the basic salary range which is given to the employee in the beginning. … Basic salary is the total amount (before any deductions) paid to employees plus the allowances.

How many salary structure do we have in Nigeria?

It is a 15-grade salary structure with each scale consisting of a number of steps ranging from 15 for the lower grades to 9 for the highest grades. The new structure known as the Consolidated Tertiary Institutions Salary Structure (CONTISS) is attached as Info-graph 1.

Is consolidated salary good?

Is a job with grade pay salary good or is a consolidated salary good? … Consolidated salary contains all allowances but no bifurcation. PF to be deducted from the consolidated pay. TDS to be deducted if it is taxable income.

What is the meaning of consolidated?

to bring together (separate parts) into a single or unified whole; unite; combine: They consolidated their three companies. to discard the unused or unwanted items of and organize the remaining: She consolidated her home library.

What is actual salary?

If it says ‘actual salary’ it means the amount he will be paid before deductions. If it was an NJC pay point it apply to a range and if it said ‘pro rata’ it would apply to hours and weeks worked depending on if the contract said it was paid term time or year round.

What is allowance salary?

An allowance is the financial benefit given to the employee by the employer over and above the regular salary. These benefits are provided to cover expenses which may be incurred to facilitate the discharge of service for example Conveyance Allowance is paid to foot expenses incurred for commuting to workplace.

What is the basic salary of total salary?

Basic salary is the base income of an employee, comprising of 35-50 % of the total salary. It is a fixed amount that is paid prior to any reductions or increases due to bonus, overtime or allowances. Basic salary is determined based on the designation of the employee and the industry in which he or she works in.

What is meant by consolidated pay?

Consolidated means “Joined together as a whole”, in its literal sense. Consolidated pay or salary a person is offered is the amount a person gets for the work done, on monthly/weekly/ basis. It consists of all the entitlements joined together, without specifically stating any breakups.

What is the difference between consolidated salary and gross salary?

Consolidated pay is the total amount one can get as pay or salary. … That means some more additional allowances like DA, HRA can be added and the total amount will be called Gross pay. Most of the allowances and other deductions can also depend on the basic pay.