Naina gupta ; compensation plan in indian airways

0 views
359 views

Published on

Published in: Business, Economy & Finance
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
0
On SlideShare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
29
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

Naina gupta ; compensation plan in indian airways

  1. 1. PRESENTED BY: NAINA GUPTA
  2. 2. COMPENSATION PLANNING Compensation planning refers to designing and implementing total compensation package with a systematic approach to provide value to employees in exchange for work performance Compensation planning is an act of providing monetary value to employees in exchange for work performed. Compensation planning may achieve several purposes in recruitment, job performance, and job satisfaction.
  3. 3. TYPES OF COMPENSATION
  4. 4. Statutory requirements Employee unions Policy of the organization Ability to pay Equity-internal and external Demand supply gap in labour market
  5. 5. COMPENSATION PROVIDED BY INDIAN AIRWAYS   Salary & Bonus Plans  Competitive base salaries/raises  Bonus programs  Fixed/variable compensation Group Insurance Programs  Disability Income Insurance  Life Insurance  Carve-Out programs
  6. 6. OTHER COMPENSATIONS ARE… • Medical insurance • Family Benefit Scheme • Registered retirement saving plan • Staff Travel benefits (Rebated ticket for self and family members for domestic and international sectors) • Interline Tickets with leading International airline
  7. 7. CONTINUED….. • • • • • • PROFIT SHARING PLAN PERFECT ATTENDANCE PLAN BUSINESS TRAVEL ACCIDENT INSURANCE VACCATION PAY EDUCATION SUPPORT ALLOWANCE PROFESSIONAL SPECIALIST ALLOWANCE
  8. 8. TYPES OF COMPENSATION PLAN         Equity based plan Cash based plan Qualified deferred compensation plan Non-qualified deferred compensation plan Straight salary plan Straight Commission plan Combination plan (salary + commission plan) Profit based plan
  9. 9. CONSTITUENTS FOR COMPENSATION PLAN Fringe Benefits: Fringe benefits include such benefits which are provided to the employees ,flight attendants either having long-term impact like provident fund, gratuity, pension; or occurrence of certain events like medical benefits, accident relief, health and life insurance; or facilitation in performance of job like uniforms, Canteens, recreation, etc. Benefits to women pilots
  10. 10. PERQUISITE These are normally provided to personnel either to facilitate their job performance or to retain them in the organization. Such perquisites include company cab, club membership, free residential accommodation, paid holiday trips, stock options, etc. Incentives: Incentives are the additional payment to employees besides the payment of wages and salaries. Often these are linked with productivity, either in terms of higher production or cost saving or both. Can be administered individually and for groups Additional compensation having immediate effect and no future liability.
  11. 11.  Minimum Wages Act (discuss – minimum remuneration, its heads)  Income Tax Act (discuss – heads which provide tax relief) Equal Remuneration Act  Payment of Wages Act (discuss – permissible deductions)  Acts on social securities (PF, Bonus, Gratuity, Employee Compensation)  Laws as per Airport authority of INDIA ( working in airports)  Fair and equal compensation as per article 26 2(a)  Tax exemption on pension earnings as per article 199 (3)
  12. 12. Compensation distribution by AIRPORT AUTHORITY OF INDIA     Recently, AIRPORT AUTHORITY OF INDIA issued MEDICAL CUM IDENTITY Card to its retired employees It has even extended INDOOR MEDICAL TREATMENT to its retired employees at concessional basis It has even provided HOLIDAY HOME FACILITY to its retired employees.
  13. 13. Continued… AIA even announced payment of honorarium to its employees for every month  AIA provides PROFICIENCY ALLOWANC E to its employees.  AIA GROUP GRATUITY FUND TRUST grants gratuity to its employees 
  14. 14. INCIDENT…  RECENTLY, AROUND 18 EXAIR INDIA EMPLOYEES WERE RETRENCHED FROM THEIR SINGAPORE OFFICE AND, THEY RECEIVED A SUM OF AMOUNT LATER ON AFTER THE CASE WAS GOVERNED BY INDUSTRIAL ARIBITRATION COURT  Women pilots and attendants at the flight are protected through various compensation plans.
  15. 15. CONTINUED…  AIR DECCAN provides 20% compensation and 80% of variable pay to its employees in addition to other incentives  IT Even provides CHILD LIFE INSURANCE AND CHILD ACCIDENTAL DEATH AND DISMEMBERMENT (AD&D) To Its Pilots And Flight Attendants.  AIR INDIA even provides free lunch to its employees within working premises.

×