Employee Remuneration

Remuneration is the compensation an employee receives in return for his or her contribution to the organization 

Remuneration occupies an important place in the life of an employee 

 Wages and Salary : -Wages refer the hourly rates of pay, salary refers to the monthly rate of pay, wages and salaries are subject to annual increments. They differ to emp. To emp. Depend upon the nature of job , seniority and merits.

 Incentives : - also called ‘payment by result’ - paid in addition to wages and salaries. depend upon productivity, sales profit - there are 1. individual incentives scheme 2. group incentives scheme

 Fringe benefits : - These include such employee benefits as provident fund, gratuity, medical care, hospitalization, accident relief, health insurance, canteen, uniform and like  Perquisites : - These are allowed to executives and include company car, club membership, paid holidays, furnished house and like

 Factors can be categorized by : 1 External Factors 2 Internal Factors

External Factors  Labour Market

 going rate  productivity Cost of Living Labour Union

Labour laws  payment of wage act,1936  the minimum wages act,1948  the payment of bonus act,1965  the equal remuneration act,1976 Society

Internal Factors  Business Strategy

Job Evaluation and Performance Appraisal The Employee

 Skill Based Pay

 Pay Reviews  Pay Secrecy

 Comparable worth

 International Pay