Payroll Run
Definition
The process of calculating and paying employee wages for a period, including computing gross pay, deductions and net pay, and generating payslips and payment instructions.
Related Terms in Payroll
Pay Period
The recurring span of time over which employee pay is calculated — weekly, fortnightly, semi-monthly or monthly. It sets the cadence of payroll runs and affects how annual amounts are prorated.
Payslip
A statement given to an employee each pay period detailing gross pay, individual deductions, and net pay, along with year-to-date totals. Many jurisdictions require employers to provide one.
Provident Fund (EPF)
A retirement savings scheme in India where both employee and employer contribute a percentage of basic wages to the Employees' Provident Fund. The accumulated balance, with interest, is paid out on retirement or exit.
Employees' State Insurance (ESI)
An Indian social-security scheme providing medical and cash benefits to employees earning below a wage threshold, funded by employee and employer contributions on gross wages.
Stop memorising terms — let HelloBooks do the work
AI-assisted bookkeeping that handles invoicing, GST, reconciliations, and reports automatically. Free to start.