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Wages and Salary Administration

Wages and Salary Administration. Dr. Anil Mehta.

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Wages and Salary Administration

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  1. Wages and Salary Administration Dr. Anil Mehta

  2. …refers to the establishment of implementation of sound policy and practices of employee compensation . It includes such areas as job evaluation, survey of wages and salaries analysis, development and maintenance of wage structure, establishing rules for administrating wage payments, incentives, profit sharing, wage changes and adjustments, supplementing payments, control of compensation costs and other related areas.

  3. Purposes • Eliminates inequalities • Minimizes chances of favoritism • Establishes sequences of jobs and lines of promotions • Increases employees motivation and morale • To plan and control labor costs • To explain basis of wage payment • To reduce frustration and grievances • to attract qualifies personnel

  4. Principles • Sufficiently flexible • Based on job evaluation • Consistent with overall organizational plans and programs • In conformity with the social and economic objectives of the country • Responsive to the changing local and national conditions • Simplicity

  5. Components Of Employee Remuneration Remuneration financial N F Hourly and Monthly Rated Wages Salaries Incentives Individual plans Group plans Fringe Benefits PF Gratuity Medical care Accident relief Health and Group Insurance etc Perquisites Company car Club Membership Paid holidays Furnished house Stock option Schemes etc. Job Contents Challenging Job Responsibilities Recognition growth prospects

  6. Influencing factors of Remuneration Remuneration External Internal Business Strategy Labour Market Cost of living Labour Unions Government Legislations Society Economy Job evaluation and performance appraisal The Employee

  7. Devising a Remuneration Plan Job Description Job Evaluation Job Hierarchy Pay Survey Pricing Job

  8. Challenges of Remuneration Skill based pay Employee participation Salary reviews Remuneration Comparable worth Pay Secrecy

  9. Concepts of Wages Minimum Wages Fair Wages Living Wages

  10. Wage Policy in India • Payment of Wages Act 1936 • Minimum wages Act 1936 • Industrial Dispute Act 1947 • Equal Remuneration Act 1976 • Payment of Bonus Act 1965 • Wage Boards • Pay Commission

  11. Thank You

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