Can you provide more information about each charge I see on an invoice?
Below you will find the different line items you will see on an invoice, with a corresponding description. For more information and the fastest assistance, please reach out to Velocity Global through your normal process, and we will help you.
Allowances. Payment of an allowance. Examples of this are car, cell phone, or fitness allowances.
Basic Compensation. The amount of money your supported employee receives in exchange for their services. Due to how compensation is structured in India, this is typically 40% of gross income.
Bonus. Additional remuneration added to your supported employee's payment.
Car Allowance. An allowance paid to a supported employee who uses their car as part of their job.
Commissions. Additional remuneration added to your supported employee’s payment due to sales generation.
Communication Allowance. An allowance paid to supported employees for using their cell phone or another communication device as required by their position or their employment agreement.
Employee Expense. Payment of an expense.
Employer Pension Contribution. Your contribution to your supported employee’s pension plan.
Employer Provident Fund (ERPF). Contribution to an investment fund established by you (the employer) through the Employees' Provident Fund Organisation, a statutory social security body in India that provides pensions to employees in India.
Grocery Coupon Admin. An administrative and fixed charge for the grocery coupon benefit.
Grocery Coupons. A grocery coupon is a voucher you can provide your supported employees for meals.
House Rent Allowance. The House Rent Allowance is included in the employer’s Cost to Company (CTC) and goes toward a supported employee’s accommodation costs.
Insurance Premium. Premium for a private insurance plan administered through Velocity Global.
Leave Travel Allowance. The Leave Travel Allowance is an allowance provided to your supported employee for traveling while on leave. It applies to travel only within India.
Professional Pursuit Allowance. An allowance for academic, research, and training pursuits in educational and research institutes.
Provident Fund Admin. The government of India maintains the Provident Fund (PF) account on behalf of all employees in India. For the maintenance of the employees' PF accounts, the government charges a fee, which is the Provident Fund admin fee.
Residual Pay. Part of an employer’s Cost to Company (CTC), and is any amount remaining after the other components of CTC have been accounted for.
Retroactive Pay. Compensation owed to a supported employee for work performed during a previous pay period. The difference between what the supported employee received and what they were owed is the amount of the retroactive pay.
Velocity Global EOR Fee. Velocity Global’s fee.
Wire Transfer Fee. Payment for the cost of a wire transfer.