What is a CTC Template? How to create CTC template?

In Quikchex HRMS system, the Payroll module includes a powerful feature called CTC Templates, designed to simplify and standardize the process of defining employee compensation structures.

What is a CTC Template?

A CTC (Cost to Company) template is a predefined structure that outlines the components of an employee's salary. Once a CTC template is created, it can be reused whenever onboarding a new employee. The system will automatically calculate the employee's salary structure based on their CTC amount, ensuring consistency and efficiency.

How to create CTC Template?

Go to Payroll -> CTC Template
Click on "+ CTC Template"
Enter Template Name

Component & Hierarchy Selection :

Click on the drop-down and select Allowances, Benefit, Contributions & Deduction of each component
You can also decide the hierarchy of the components under respective fields.

Restrictions on CTC Basket and Amount Allocation :

Enter the percentage/amount for each component

Creating and using CTC templates not only streamlines the onboarding process but also ensures that salary structures are consistently applied across the organization. This feature is invaluable for HR professionals looking to maintain accuracy and efficiency in payroll management.

Note: The created CTC Template can be applied to the existing employee or to the new onboarding joiner.