nitya sundar

The Definition of Compensation Management: In simple terms,  compensation  is everything that a company offers its employees in return for their talent and time. When organized the right way, compensation dollars can be strategically leveraged to reduce turnover, boost employee engagement and attract top talent. The purpose of compensation management is to make the most of company dollars in a way that rewards employees for their work. Employee salary :  Basic pay  +  Grade pay  +  Dearness Allowance   (DA)  +  House Rent Allowance (HRA)  +  City Compensatory Allowance (CCA) The details of above said components of salary of government employees are as follows. Basic pay:  The primary component of employee salary which is bases for calculation of other components in the employee salary. Grade pay:  An amount which is fixed by the government on the range of employee in government hiera...

Wages: Definition, Types and Other Details Definitions: “A wage may be defined as the sum of money paid under contract by an employer to worker for services rendered.” -Benham “Wages is the payment to labour for its assistance to production.” -A.H. Hansen ‘Wage rate is the price paid for the use of labour.” -Mc Connell Types of Wages : In real practice, wages are of many types as follows: 1. Piece Wages: Piece wages are the wages paid according to the work done by the worker. To calculate the piece wages, the number of units produced by the worker are taken into consideration. 2. Time Wages: If the labourer is paid for his services according to time, it is called as time wages. For example, if the labour is paid Rs. 35 per day, it will be termed as time wage. 3. Cash Wages: Cash wages refer to the wages paid to the labour in terms of money. The salary paid to a worker is an instance of cash wages. 4. Wages in Kind: When the labourer is...