It’s been a tough year for many with job losses and pay-cuts. Especially in times like these, every rupee counts — and it will pay to pay closer attention to your payslip.

Understanding the components of the payslip could help you get a better deal from your employer and negotiate better with prospective employers. A tax-efficient pay-package — to the extent possible — will mean more money in your pocket.

The pain of pay-cuts can also be reduced if some pay components are left untouched.

Also, having clarity about the various components and knowing the difference between pay and CTC (cost-to-company) can help you bargain well while applying for new jobs.

Besides, payslips often have to be given when you apply for loans, credit cards or visas. They can also come handy as proof of employment and while filing tax returns. So, here’s decoding the payslip and ways to optimise

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