ITFT-Employee remuneration

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ITFT-Employee remuneration

  1. 1. EMPLOYEE REMUNERATION
  2. 2. INTRODUCTION • Employee Remuneration refers to the reward or compensation given to the employees for their work performances. Remuneration leads to employee motivation. .
  3. 3. Why is it important? • Leads to employee motivation • Affects employee productivity • Affects work performance
  4. 4. Components of remuneration • Wages and Salary • Wages refer to the hourly rates of pay, • salary refers to the monthly rate of pay, • wages and salaries are subject to annual increments.
  5. 5. COMPONENTS CONTINUED… • Incentives: also called ‘payment by result’ • paid in addition to wages and salaries. • depends upon • productivity • sales • profit 1. individual incentives scheme 2. group incentives scheme
  6. 6. COMPONENT OF REMUNERATION • Fringe benefits : • These include such employee benefits as provident fund, gratuity, medical care, hospitalization, accident relief, health insurance, canteen. • Perquisites - These are allowed to executives and include company car, club membership, paid holidays and furnished house
  7. 7. Non monetary benefits • Challenging job responsibilities • Recognition of merit • Growth prospects • Comfortable working conditions • Competent supervision

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