Factors Influencing Wage And Salary Structure And Administration

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Is Compensation = My Inputs and Contributions

Factors influencing wage and salary structure and administration • • • • • •

The organizations ability to pay; Supply and demand of labour; The prevailing market rate; The cost of living; Living wage; Productivity;

Factors influencing wage and salary structure and administration • • • • •

Trade unions bargaining power Job requirements Managerial attitudes Psychological and sociological factors Levels of skills available in the market

Administration of Wages and Salaries Handled by:– –

Personnel department Or committee who’s major functions are • • • • •

Approval to management on job evaluation methods Review of basic wage and salary structure Help in the formulation of wage policies Co-ordination of relative departmental Review of budget estimates

PRINCIPLES OF WAGES AND SALARY ADMINISTRATION • Pays varies as per skills required • General level of wages should be proportionate with existing labour market rates • Equal pay for equal work

CASE STUDY

MTB PRIVATE LIMITED

MTB PRIVATE LIMITED Facts File: • Employee strength=400 • 2nd largest cloth manufacturing company in Nashik. • Contractual and Permanent type of labour

HORROR STORIES IN INDIA • BHARAT OPTHALMIC GLASSES • National Textile Corporation • Hindustan Fertilizer Corporation Ltd. Haldia • Heavy Engineering Corporation

Wage Policy in India • Minimum Wage • Fair wage • Living wage

State regulation of wages • Minimum wages act, 1948 • Payment of Wages Act, 1936 • For more Notes, Presentations, Project Reports visit • a2zmba.blogspot.com • hrmba.blogspot.com • mbafin.blogspot.com