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Components of employee remuneration Remuneration Financial Nonfinancial Basic wages Incentives, Individual plans Job context Group plans
Challenging job Responsibilities Growth prospects Fringe benefits Supervision
P.F. Perquisites Working conditions Medical care Car Job sharing etc Accident
relief Club membership Health and Paid holidaysGroup insurance Furnished
house Stock option scheme View slide
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CONCEPT of Wage and Salary Wage in a wide sense means any
economic compensation paid by the employer under some contract to his
worker for the service rendered by them and in narrow term Wage are price
paid for the services of labor in the process of production and include only the
performance wages WAGES MONEY REAL MINIMUM WAGE WAGE WAGE View
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Types of wages Money wage: it is the monetary form of wage
payment. Real wage: true value of money wage in terms of its purchasing
power. Minimum wage: the wage which not provide not only for the bare
sustenance of life but for the preservation of the efficiency of workers.
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Concept of Living Wages Living wage is the wage which provides the
workmen the necessaries for life plus certain other amenities considered
necessarily for the wellbeing of worker taking the social position of them.
the living wage should enable the mail earner to provide for himself and his
family not merely the basic essentials of goods, clothing and shelter but a
measure of comfort including 1.education for children 2.protection against ill
health 3.essential social needs 4.insurence measures
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Concept of fair wages Fair wage is that wage which the labourer gets
for his works just near to minimum wages and living wages. It is somewhere
in between the minimum wages and the capacity of industry to pay. A wage
rate is fair in the narrower sense when it is equal to the rate current for similar
workman in the same trade & neighbourhood and fair in the wider sense when
it is equal to the predominant rate for similar work throughout the country.
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Basic wages The minimum price which the employer must pay to all
its employees belonging to a particular category. It is paid over a period of
time and fixed and fixed on monthly, weekly or daily basis. It is stable
because it dont fluctuates like DA, or bonus Changes in basic wage is very
infrequent and insignificant because of the engrowing DA components. In
some countries, rise in price level is neutralize not by giving a separate
allowance like DA as practiced in India, .so it differ from country to country.
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Administration of Wages and Salaries Hr Department Committee Approval and recommendation to mgt. on job evaluation methods and
findings - Review and recommendation of basic wage and salary structure Help in the formulation of wage policies from time to time - Co-ordination and
review of relative departmental rates to ensure conformity - Review of budget
estimates for wage and salary adjustments and increases
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Behavioural Theories: (Marsh & Simon, Robert Dubin, Eliot Jacques)The employees acceptance of a wage level- The internal wage structure Social status, internal consistency, maximum and minimum wage
differentials, demand for specialised labour.- Wage and Salaries and
Motivators
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National Wage Policy for India. As of now, India does not have a
formal national wage policy, though the issue has been discussed several
times. The government has direct and indirect control over wage levels, which
has been exercised through different institutions. (Top salaries of PSUs and
Private Sector are strictly regulated, though the degree has been diminishing,
particularly in Private Sector This has led to phenomenal differentials
between Private and Public).
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