1 / 11

Unit 6

Unit 6. Benefits and Rewards. Statutory Benefits . Wages are cash payment paid to employees on a regular basis in return for their labour. Benefits can be both financial and non financial and they can be statutorily required or optional.

elle
Download Presentation

Unit 6

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Unit 6 Benefits and Rewards

  2. Statutory Benefits • Wages are cash payment paid to employees on a regular basis in return for their labour. • Benefits can be both financial and non financial and they can be statutorily required or optional. • Most benefits given are specified in the contract of employment.

  3. Continue .. • Rewards are given to individuals or small groups who are considered deserving. • Rewards are usually tied to a workers performance on the job and are the used as motivational tool to encourage high levels of performance.

  4. Statutory Benefits (Law Books) • The Employment Act • The Sabah Labour Ordinance • The Sarawak Labour ordinance • The Employment Provident Fund Act • The Workmen’s Compensation Act

  5. Benefits in Malaysia ( by Law) • Female workers are only entitled to paid maternity leave if they have served the employer for a minimum of 90 days and if they have no more than five surviving children. • If they do not fulfill these conditioned, the maternity leave will be unpaid.

  6. Continue .. • A weekly rest day, public holidays, annual leave and sick leave. • Employees are entitled to paid sick leave, where no hospitalizations necessary. • The EPF was established as a compulsory savings system for workers so that they would not be impoverished and dependent on the state once they retire from workplace.

  7. Continue .. • SOCSO scheme is not a savings scheme like EPF, it is an insurance scheme. Employees only receive money from SOCSO if they have accident or contract an industrial disease.

  8. Non Statutory Benefits Leave for the purpose • Marriage • Birth of child (paternity leave) • Personal emergencies • Pilgrimage • Studies • Death of relative (compassionate leave)

  9. Continue .. • Healthcare • Insurance • Financial services • Subsidies services • Retirement benefits • Allowance • Educational fees

  10. Reward System • Rewards, both financial and non financial, reinforce desirable behavioral and spur the employee on the higher levels of productivity. • Non financial rewards include awards, letter or appreciation, sponsorships to seminars, conference and overseas tours and reward long service.

  11. Financial reward may be given in a variety forms, ranging from salary increases, bonuses, profit sharing plans and commission.

More Related