BASIC SALARY Meaning and
Definition
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Basic salary refers to the fixed portion of an employee's overall income before any additional allowances, bonuses, or deductions are included. It is the fundamental income earned by an individual for their employment or services rendered in a specified work period, such as monthly or annually. The basic salary is typically determined by various factors such as job position, industry standards, company policies, experience, skills, and qualifications.
The basic salary serves as a base or starting point for calculating an employee's total earnings, which may include additional components such as commissions, overtime pay, performance bonuses, and other monetary incentives. However, these additional components are not included in the basic salary and are typically contingent upon specific conditions or achievements.
The basic salary forms the basis for various financial calculations, including income tax deductions, social security contributions, and retirement fund contributions. It is an essential aspect of an employment agreement or contract, outlining the minimum compensation an employee can expect to receive. The basic salary, combined with other benefits and allowances, contributes to an employee's overall financial well-being and plays a significant role in attracting, motivating, and retaining talent within an organization.
Overall, the basic salary represents the foundational income offered to an employee without considering any conditional or variable payments, providing a starting point for determining total earnings and other financial considerations.
Common Misspellings for BASIC SALARY
- vasic salary
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Etymology of BASIC SALARY
The word "basic salary" is a combination of two words – "basic" and "salary".
The term "basic" comes from the Latin word "basiscus", which means "foundation" or "base". It later evolved into "basicus" in Late Latin, carrying the same meaning. In English, "basic" was first recorded in the 14th century with the definition "primary, fundamental". Over time, it has come to represent something essential, fundamental, or foundational.
The word "salary" has its origins in the Latin word "salarium", which referred to the money given to Roman soldiers for purchasing salt. "Salarium" is derived from the Latin word "sal", meaning "salt", as salt was a valuable commodity in ancient times. Eventually, the meaning of "salarium" broadened to signify any amount of money given as payment or reward.
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