monthly basic salary definition

monthly basic salary means the income represented by the monthly salary paid to an employee and applicable to the grade, rank or position of that employee without the addition of any allowance or benefit paid in cash or given in kind to that employee or applicable to the grade, rank or position of that employee. [Inserted by the Internal Revenue (Amendment) Act, 2002 (Act 622), s.17]
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monthly basic salary means the basic salary for a month, excluding special allowances, overtime payments, bonuses and all other extra compensation.
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Related to monthly basic salary

  • Monthly Base Salary means 1/12th of the greater of (i) Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control Termination or a Covered Termination, as applicable, or (ii) in the case of a Change in Control Termination, Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control.

  • Basic Salary shall have the meaning assigned to it in Section 5 of this Agreement.

  • Monthly salary means the W-2 reportable compensation received by a member during the month.

  • Monthly Salary Rate means the amount agreed to by Owner that can be used on Applications for Payment throughout the Construction Phase to account for the monthly salary costs of Contractor’s salaried personnel assigned to the Project. A Monthly Salary Rate must be established for each salaried person and must be approved in writing by Owner in advance of any Application for Payment for that person. The Monthly Salary Rate is for convenience only and any payments made for Contractor’s personnel are subject to audit to determine the actual cost of the wages and allowable employer contributions incurred by Contractor for services performed. The initial Monthly Salary Rate is included in Exhibit “G” attached to this Agreement.

  • Annual Salary means the salary given under this Part.