Current salary refers to the amount of money an employee is currently earning in their present job. It is typically used in the context of job applications, salary negotiations, and performance reviews. The current salary can encompass various components, including the basic salary, allowances, bonuses, and other financial benefits that an employee receives on a regular basis.
Components of Current Salary
- Basic Salary: This is the fixed core amount that an employee is paid, typically on a monthly basis, and does not include any additional earnings or benefits.
- Allowances: These are additional payments made to cover specific expenses or compensate for particular conditions related to the job. Common allowances include housing allowance, transport allowance, and medical allowance.
- Bonuses: These are additional payments given based on performance, company profits, or other criteria. Bonuses can be regular (e.g., annual bonuses) or irregular (e.g., performance bonuses).
- Overtime Pay: Compensation for hours worked beyond the standard work schedule. This is often paid at a higher rate than the regular hourly wage.
- Other Benefits: This can include any other financial benefits such as travel reimbursements, meal allowances, and other perks provided by the employer.