Contribution towards retirement benefits such as employee provident fund.
Factors determining compensation & pay rates DEMAND FOR AND SUPPLY OF LABOUR PREVAILING WAGE RATES GOVERNMENT COST OF LIVING ABILITY TO PAY LABOR UNIONS PRODUCTIVITY OF LABOUR Important factors which affect the individual differences n wage rate :
JOB EVALUATION Job evaluation is the process of determining the worth of one job in relation to that of the other jobs in a company so that a fair and equitable wage and salary system can be established.
Incentives An incentive is any factor (financial or non-financial) that enables or motivates a particular course of action, or counts as a reason for preferring one choice to the alternatives. Short Term Plans
Halsey Premium Plan
Total Wages = (Taken Time X Standard Rate) + Bonus where Bonus =(Time Saved*Standard Rate ) 50%
Total Wages = (Time Taken * Standard Rate) + Bonus where Bonus=(Time Taken*Time Saved * Std. Rate )/Std. Time
Total Wages = √Standard Time x time taken x hourly rate
reward employees based on each employee's annual performance review.
Incentives at different levels
Non-monetary incentives Non-monetary incentives are used to reward participants for excellent behavior through opportunities.
Payment of bonus act,1965 Every employee shall be entitled to be paid by his employer in an accounting year, bonus, in accordance with the provisions of this Act, provided he has worked in the establishment for not less than thirty working days in that year. PAYMENT OF GRATUITY,1972 The Payment of Gratuity Act 1972 is a social security enactment. Gratuity shall be paid to an employee on the termination of his employment after she/he has rendered continuous service of not less than 5 years i.e. on superannuation, retirement, resignation, death or disablement due to accident or disease