Generally, it refers to the amount a company pays the employee in return for their services. This compensation is paid to an individual every month and includes areas like gross salary, take-home salary, allowance net salary and deductions. An employee receives an official document every month after he receives a salary, which acts as a record and proof that the salary has been paid to the employee. This document is known as a payslip or salary slip. It is essential for an employer to continuously serve a payslip to each employee by including all the details and components in the salary. Various software has changed the payslip submission and salary divisions of the employees, making HRM practices more effortless.
