Employee Remuneration - 13571 Words

Chapter I INTRODUCTION 1. MEANING OF WAGE/ COMPENSATION PAYMENT: Wage is a monetary payment made by the employer to his employee for the work done or services rendered. It is a monetary compensation for the services rendered [1]. A worker may be paid Rs. 100 per day or Rs. 4500 per month. This is wage payment. The worker gives his services and takes payment called wage payment. Industrial workers are paid remuneration for their services in terms of money called wage payment. Wages are usually paid in cash at the end of one day, one month or one week. Money wage is the monetary compensation or price paid by the employer to his employee for the services rendered. Such compensation is also called wage or salary or reward†¦show more content†¦This is due to poverty, rising prices, mass unemployment and rising population. Wage payment indeed a vexatious problem and needs to be tackled from economic, social and humanistic angles. 1.2 CONCEPT OF FAIR WAGES: Fair wages is the wage which is above the minimum wage but below the living wage. Obviously the lower limit of the fair wage is the minimum wage and the upper limit is set by the ability of the industry to pay. Between these two limits, fair wages should depend on the factors like – 1. Prevailing rates of wages in the same occupation 2. Prevailing rates of wages in the same region or neighbouring areas 3. Employers ability to pay 4. Level of national income and its distribution 5. Productivity of labour 6. Status enjoyed by the industry in the economy Hence it can be said that fair wages are determined on industry cum region basis. When fair wages are paid employees enjoy higher standard of living. It is accepted fact that wages must be fair and reasonable. Wages is fair when the employee is able to meet its essential needs and enjoy reasonable standard of living. †Equal pay for equal work† serves as base of fair wage [4]. 1.3 FACTORS INFLUENCING WAGE AND SALARY STRUCTURE [5] †¢ The organization’s ability to pay: Wage increases should be given by those organizations which can afford them. Companies that have good sales and therefore high profits tend to pay higher wages than those which areShow MoreRelated8.7.1. Employer And Employee Benefits . †¢Remuneration Package1732 Words   |  7 Pages8.7.1. EMPLOYER AND EMPLOYEE BENEFITS †¢ Remuneration package will be in line with current pay scales. †¢ Vacations and holidays will be according to the Employees holiday act of 1954 where 1  ½ days a week, 7 medical and 21 annual days and all public and mercantile holidays are an entitlement. †¢ An insurance scheme will be enforced for employees on being confirmed in the position after a period of 6 months. †¢ Additional benefits will include bereavement leave, religious and floating holidays andRead MoreCompensation System Of Henderson Printing Company1132 Words   |  5 Pagestheir efforts. Compensation is a cost to the enterprise and, therefore, a proper remuneration model must demonstrate its ability to produce returns. Also, since compensation is what the employees get in exchange for their services, the type used must be one that will motivate the employees (Belcourt McBey, 2015). Henderson printing company is a mid-level company. Therefore, it requires a very critical remuneration system that will help it to survive. This memo explores the compensation models thatRead MoreCompensation Management2189 Words   |  9 Pagesobjectives of the study are as follows: ( To know the HRM policies and compensation system of an organization. ( To learn how to calculate the salary of employees. ( The main objectives are, as we are HRM students we need to deal with the employee compensation, rewards, promotion, increment etc, so this study will help us do this properly. 1.2 Scope of the Study This study covers the basic system of compensation management. We have put our all efforts to prepare this paper in such wayRead MoreChallenges in International Benefits and Compensation Systems of Multinational Corporation6282 Words   |  26 Pageshost country nationals (HCNs), parent country nationals (PCNs) and third country nationals (TCNs). Compensation is one of the most complex areas of international human resource management. Pay systems must conform to local laws and customs for employee compensation while also fitting into global MNC policies. It is also important for MNCs to consider carefully the motivational use of incentives and rewards among the employees drawn from three national or country categories. International businessRead MoreWhat Are the Advantages and Disadvantages of High Levels of Executive Compensation?1179 Words   |  5 Pagesexamine the negative effect in relation to justice issue and limited incentives for staff and cost problem and reputation risk for companies. The most obvious advantage is the affirmation and incentives for executives. On the one hand, the high remuneration can be regarded as the affirmation for their hard work, loyalty and achievement to the corporations. As Maslow’s five needs states, the esteem and self-actualization are the relatively high needs of human, which are usually obtained by professionalRead MoreStill Your Turn Mapping Compensation Strategy1137 Words   |  5 Pagesvalues the variances in the type of work content, individual skills, and contributions to the team† (Milkovich, 2014, p. 54). There is a differential in pay on the level of the salesperson. If the seller takes on a management position, the level of remuneration increases giving the top level rep, which is called â€Å"Team Leader† to receive substantial amounts of commission from sales. In regards to competitiveness, the company’s compensation is contingent on the employee’s level of commitment. It was createdRead MoreThe Current Remuneration And Performance Management Of The Customer Service / Sales Team At Majestic Health And Fitness Ltd1617 Words   |  7 PagesIntroduction This report provides an analysis of the current remuneration and performance management of the customer service/sales team at Majestic Health and Fitness Ltd. By breaking down the current system, this report will look at both the strengths and weaknesses, compare to trade norms and competitors, and finally provide recommendations based off findings and academic literature. Majestic Ltd is a medium sized enterprise consisting of a total of 105 employees spread between five locationsRead MoreBenefits And Benefits Of A Company1027 Words   |  5 Pagesconditions to encourage employees to remain with the business.† In order to do so the business compensates their employees, compensation is â€Å" the payment or benefits (or both) an employee receives in exchange for their labour.† Maintenance is the third stage of the human resource cycle, and the ultimate decider as to whether an employee will remain with the company or involuntarily separate. This section focuses on how N estle Ltd encourages and rewards their employees to remain with the company. AccordingRead MorePayment Systems of Tnb723 Words   |  3 PagesWAGE AND PAYMENT SYSTEMS In return of their work, the employees of TNB are paid agreed amounts of remuneration. Typically, employers also provide some payments to motivate workers to maximize their output. Thus, a remuneration or compensation package consists of several elements, usually a combination of basic pay, incentives and benefits. REMUNERATION PACKAGE There are three (3) remuneration package consist of wages, benefits, incentives. I. Wages -Attractive salary scheme -TNB givesRead MoreThe Labor Code Of The Philippines Essay1652 Words   |  7 PagesPAS 19 defines â€Å"employee benefits as all types of consideration given by an entity in exchange for service rendered by employees or for the termination of employment† (PFRS, 2013, p. 307). Employee benefits are considerations given by the entity to their employees other than their regular wages. The Labor Code of the Philippines defines employee as â€Å"any person compulsory covered by the GSIS under Commonwealth Act hundred eighty-six, as amended, including the members of the Armed forces of the Philippines