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wages and salaries

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wages and salaries

wages and salaries

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  • 1. Wages are paid to the blue collar employees like daily manual workers - Are paid daily or weekly - For work the value of which can be measured in money Salary is paid to white collar Employees like clerks, Executives and mangers - Paid monthly - Monetary value cannot be measured easily
  • 2. Compensation • Compensation includes wages, benefits, leave facility, travel, house rent, privileges of rank and non monetary awards and recognition
  • 3. TYPES OF WAGES • Minimum Wage • Nominal Wage • Real Wage • Statutory wage • Fair Wage • Living Wage
  • 4. OBJECTIVES OF SALARY ADMINISTRATION • Ensure fair and right payment • Attract efficient and good employees • Retain present employees • Balance payment and the work • Increase morale and motivation • Project good image of the company