Write a Java program to read all the employee names and their basic salaries from a text file “employee.txt” and calculate and display the net salary of each employee as follows:
DA = 20% of basic
HRA = 8% of basic
Medical = ₹1000
IT = 8% of basic
Gross Salary = Basic + DA + HRA + Medical
Net Salary = Gross Salary – IT

Also create the main() method to create an object of the class and call the methods accordingly.

import java.io.*;
class Employee{
    String name;
    double basic;
    double da;
    double hra;
    double medical;
    double it;
    double gross;
    double net;
    public Employee(){
        medical = 1000;
    }
    public void calculate()throws IOException{
        try{
            FileReader fr = new FileReader("employee.txt");
            BufferedReader br = new BufferedReader(fr);
            while(true){
                name = br.readLine();
                if(name == null)
                    break;
                basic = Double.parseDouble(br.readLine());
                da = 0.2 * basic;
                hra = 0.08 * basic;
                medical = 1000;
                it = 0.08 * basic;
                gross = basic + da + hra + medical;
                net = gross - it;
                System.out.println(name + "\'s net salary: " + net);
            }
            br.close();
            fr.close();
        }catch(FileNotFoundException e){
            System.out.println("FILE NOT FOUND!");
        }
    }
    public static void main(String[] args)throws IOException{
        Employee obj = new Employee();
        obj.calculate();
    }
}