Also, the salary slip helps an employee to ask for a salary raise from the existing employer, based on performance and market competitive salary The salary slip helps in negotiating for the salary offer. Reference document for Existing/Potential Employer – while processing for an application process of a potential employer, the employer may require the applicant to submit a copy of the existing or previous contract, or a salary slip.Thus, it helps in calculating the income tax to be paid by the employee or to be claimed by means of income tax refund
Calculation of Income Tax – a salary slip provides complete details of earning and deductions (which could include provident fund, federal tax, or any other deductions).Validation for Financial Institution – when an applicant applies for a loan, credit card or opening of a bank account, the banks require the applicant to provide a source of income which could serve as a proof of the borrower’s ability to return the debt.Thus, during the visa application process, a salary slip provides an account of the income source of the applicant, by serving as a proof of employment Proof of Employment – while applying for an International scholarship program, or international travel, the visa agencies require a bank statement of the applicant to track the account balance.Below are mentioned few points which refer to the importance of a salary slip: A salary slip could be helpful in many ways.
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