In the 21st century, one should never question the requirement of wage slips. They have multiple uses while taking loans and in case of investments. Wage slips are proof of the payment made by the employer to the employee. Hence, the employer should give a wage slip along with the wages. The information on the wage slips will enable a person to get a loan approved. The employer has to carefully enlist the important information on the wage slip.

The wage slip contains all the required information about the payment made to the employee. Wage slips are commonly seen to contain the amount received, the date of payment, the name of the employee and the employer along with the name and address of the organization. The employer has the discretionary right to add other information like the yearly leave taken by the employee or other statements about the business.

Wage slips should me made to keep a record of the wages received by a particular employee. A copy of the wage slip can be retained in the file of the employee. To ensure that an employee has received a wage slip, many employers make them sign a receipt. Many organizations have the provision by which the employees can download and get their own copy of wage slips printed. The organizations should never give hand written wage slips to the employees as they are not acceptable in other organizations or while taking mortgages. They should be clearly printed with the help of laser or dot matrix printers.

The wage slips of different states might vary as the rules and regulations of every state or territory varies. The states have certain restrictions regarding the State or Federal legislation, award or agreement. The legal obligations faced by a state are dependent on the relevant State of Federal industrial instrument or the relevant industrial relations.

The federal industrial instrument states that a wage slip should contain information like the net amount paid, name of the superannuation fund, deductions made, the percentage deducted for employee superannuation contribution, tax deductions, amount paid for working overtime, gross amount, period of time for which the payment is made, date, name of the employee as well as the employee's classification under the relevant industrial instrument.

The requirement of each industrial instrument differs and so the employer has to inquire about the needs of the particular industrial instrument that the organization belongs to. The Federal department of employment and workplace relations has joined hands with the workplace relation ministers of the State to formulate a general list of items that have to be included in the wage slips. The rules have to be properly followed to make the perfect wage slip with which the employees can be satisfied.