Compensation and Wages

profitss Compensation ?Payment of remuneration for work done by an employee. ? allowance paid in damage of the contract of employment. ?Can be in the form of cash or transfer to aver account. Factors affecting compensation ?Supply and demand for employee skills. ?Nature of job ?Performance of the employee ? merchandise conditions ?The Firms ability to pay ?Seniority of the employee ?Cost of living ?statutory framework like Payment of Wages Act , marginal Wages Act etc. Importance: Compensation Importance: Compensation Classification of compensation ? particular compensation ?Secondary compensation ?Tertiary compensation Primary compensation in any case called Basic compensation it consists of -Basic Pay -Dearness allowance (DA) - stand rent allowance (HRA) -City compensatory allowance (CCA) Secondary Compensation Includes Monetary incentives like -variable pay -production bonus -cash rewards to a lower place incentive schemes like best employee of the month etc.

Tertiary compensation It consists of divers(a) welfare schemes initiated by the organization like -medical benefits -learning to children -special leave with pay Wages ?Overview ?Concept of Statutory, Bare or Basic borderline Wage ?Understanding definitions of important wage terms as per nominal Wage Act 1948 Definition - Wages ?The wage is the payment made to the workers for placing their skill and energy at the inclination of the employer. Terms ?Bare or Basic Minimum Wage ?Statutory Minimum Wage Minimum Wages Act, 1948 ?Minimum wage ?Fair wage ?Living wage Minimum wage ?The wage, which must provide not only for the bare backing of life, but for the preservation of the efficiency of the worker. For this purpose, the minimum wage must provide for some measure of education, medical requirements and amenities. Calculation of the min. wage The old-hat working class family should... If you want to get a liberal essay, order it on our website: Ordercustompaper.com

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