A remuneration statement includes information about payments submitted to employees, typically for use in record keeping. Such documents are commonly attached to paychecks, called pay stubs. It is also possible to request a separate printout. Accounting programs may offer features like the ability to generate a complete record of pay and benefits for a given period. This term is also used to refer to a formal declaration made by a publicly traded company to provide information for investors concerned about executive pay.
In the sense of a document for an employee, the remuneration statement should include the employee’s name and current contact information, along with an identification number. It notes the check number associated with the payment, or indicates that the funds were directly deposited. Some may include supervisor contact information, job title, and other information about the employee’s role at the company.
The number of hours worked is usually listed, along with the base pay. If there are any special pay issues, like overtime pay, these can be noted on the remuneration statement. This allows employees to confirm that this information was recorded correctly. A total shows how much the employee earned, and a series of deductions can be listed. These include taxes and other government deductions as well as payments into pension funds or health care plans, if the company’s benefits are structured that way.
Additionally, a remuneration statement can discuss topics like accrued sick pay or vacation time so people can use this information in planning. It may also cover earned benefits. If the employee receives a bonus, this is discussed. The document includes detailed information about the employee’s activities during a given pay period, the pay and benefits due, and how they were paid out. The remuneration statement may also include a unique reference number the employee can use in the event of questions or concerns.
Employees may keep their statements for personal records. They can be useful if there is a dispute in the future or when they need to file for unemployment insurance. In the event of a problem with tax paperwork, it can also be handy to have old remuneration statements around, as these can provide information about how much the employee actually earned. Companies maintain copies for their reference, and may be able to reprint them on request or can submit digital versions, if the software they use allows this.
