Wage slips - what info is required?

All you need to Know about pay slip and P60

There are many occasions in life when people are required to produce proofs of their income and employment status. One may need to provide the evidence of his job and remuneration while he is applying for a new job. He can also be asked to produce documents for proving his financial stability when he is applying for loans to the financial institutions and banks. In these situations the wage slips or pay slips come in handy.

As a matter of fact, the pay slips are the legal documents given by a company or employer to the employees. It is a proof of their employment status and income level. Therefore, one needs to preserve his wage slips with care. People may face several financial hardships in their life and think of applying for loans. However, the loan companies also want the safety of their money. They need to see if the applicant is in a position to repay their money or not. This is where the importance of a pay slip comes into forefront.

The mortgage lending institutions often require a person to produce around 4 copies of pay slips to get the loan approved. A person might get pay hikes and cash incentives in a month. However, many loan lending companies do not consider this bonus and commissions as part of the salaries. Another legal document that helps a person applying for loans is P60. This is basically a certificate that includes information about the income and tax payments of a person. One should be careful about preserving his P60.

In spite of the best intentions and precautions, a person can misplace or lose his pay slip. It could be due to a fire or an accident. If a person loses his pay slip for any reason, he need not go crazy about it. Nowadays several online services providers are available who can provide these people with replacement P60s and pay slips. In such cases, the online companies give the people a computer generated copy of their pay slip using which they can obtain loan or mortgage.

However, while taking his pay slip an employee needs to check whether it contains the basic parameters or not. As per the legal rules, a pay slip must contain some fundamental information about the employee and the company he works in. Otherwise it will be considered as invalid. For instance the permanent address of the worker must be printed on the pay slip. It must also mention the basic salary, any bonus and tax deductions etc. The company name and the worker’s name are two other vital components.

A company can print the P60s and pay slips for its employees either by using a high quality Dot Matrix Printer or a laser printer.

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