The joy of having a job may be short-lived when an SMS on payday shows that what has been paid into your account is very different to what you expected. Take a step back. When negotiating your first cost-to-company (CTC) salary package, make sure you understand the difference between CTC and net income, what benefits you do or don’t have and the deductions that will come off your salary. Janet Hugo, 2018 Financial Planner of the Year, says CTC is the total amount of money your employer spends on you in a year. The amount it spends on you could include some or all of the following: Your salary A 13th cheque Contributions to a retirement fund on your behalf Contributions to a medical scheme on your behalf Group life cover which you enjoy without having to undergo medical tests or filling in questionnaires Life cover beyond group life cover on an individual basis with medical tests and questionnaires Income protection premiums Lump-sum disability premiums A travel allowance A company v...

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