Payslip is a slip of paper distributed to employees every month, which gives the breakup of income, deductions, loss of pay, leave days, etc. A payslip helps an employee understand what salary has been paid out to whom and how. These days, payslips can also be emailed to employees or can be published on the website.
Payslip is primarily offered to inform employees of the Income, Deduction, and Net Pay on month on month basis. This also contains some other details such as Number of Days worked, Total days in a month, Bank details, PF number, Department, Cost Center, etc. Some organizations also display Leave and Loan Balances in the payslip.
Previously, payslips were printed and distributed to employees. This practice is followed today for factory and blue collar workers. For software companies or companies where all employees have email accounts, companies now send emails of payslips or upload in an Employee Self Serve application. This eliminates the need to print payslips.
Kinds of payslips
There are two kinds of payslips. One is to show all Income and Deduction components. This is known as Regular Payslips. The other payslip displays Reimbursement Components. This is known as Reimbursement Payslip.