A payslip or a pay stub is a document that has details of an employee's gross pay, deductions and net pay. It is issued every month by the employer.
The payslip also includes other details such as the number of days worked, LOP, total days in a month, bank details, PF number, department, etc. Some organizations display leave and loan balances in the payslip.
Previously, payslips were printed and distributed to employees. This practice is followed today for factory and blue-collar workers. For companies where all employees have email accounts, payslips are emailed or uploaded in an Employee Self-Service (ESS) Portal. This eliminates the need to print payslips.
There are two kinds of payslips. One is to show all income and deduction components of the monthly salary. This is known as a regular payslip.
Many organizations make reimbursement payments in a different cycle than the payroll cycle. In such cases, they issue a Reimbursement Payslip that displays the various reimbursements paid to an employee for that month.
Finally, there is also a CTC payslip. This payslip outlines the overall compensation package for an employee and does not include ad-hoc income and deductions.
The gross income in the CTC payslip is the maximum income an employee can receive, but the actual income may vary based on the days worked and the deductions.