Payslip is a slip of paper distributed to employees every month, which gives the breakup of income, deductions, loss of pay, leave days, etc. A payslip helps an employee understand what salary has been paid out to whom and how. These days, payslips can also be emailed to employees or can be published on the website.
Payslip is primarily offered to inform employees of the Income, Deduction, and Net Pay on monthly basis. This also contains some other details such as the Number of Days worked, Total days in a month, Bank details, PF number, Department, Cost Center, etc. Some organizations also display Leave and Loan Balances on the payslip.
Previously, payslips were printed and distributed to employees. This practice is followed today by the factory and blue-collar workers. For software companies or companies where all employees have email accounts, companies now send emails of payslips or upload them in an Employee Self-Serve application. This eliminates the need to print payslips.
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