Salary - compensation management - Manu Melwin Joy

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This document discusses salary and compensation. It defines salary as employee compensation quoted on an annual basis. For example, a manager might earn $120,000 per year paid semi-monthly in $5,000 installments. Since salary remains the same each pay period, the paycheck covers work through its date. Hourly employees earn wages at time-and-a-half for overtime, while high-paid salaried employees typically do not get overtime pay, though low-salaried employees are entitled to it.

Education

Prepared By
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Please seek permission to reproduce the same in public forms and presentations.
Manu Melwin Joy
Assistant Professor
Ilahia School of Management Studies
Kerala, India.
Phone – 9744551114
Mail – manu_melwinjoy@yahoo.com

Salary
• Salary is best associated
with employee
compensation quoted
on an annual basis.

Salary
• For example, the manager
of the assembly plan might
earn a salary of $120,000
per year. If the salaried
manager is paid semi-
monthly (perhaps on the
15th and last day of each
month), her or his paycheck
will show gross salary of
$5,000 for the half-month.

Salary
• Since the salary is the
same amount for each pay
period, the salaried
employee's paycheck will
likely cover the work
period through the date of
the paycheck.

Wages and Salary
• Generally, the hourly-paid
employees will earn wages
at the rate of time and one-
half for the hours in excess
of 40 per week.

Wages and Salary
• The salaried employees in
high pay positions are not
likely to receive additional
pay for the hours in excess
of 40 per week. However,
employees with low salaries
are entitled to overtime pay.

Salary - compensation management - Manu Melwin Joy

The document discusses pay spines, which are scales showing the rates of pay for employees at different levels in an organization. A pay spine also shows the increases in pay an employee receives for spending time at a particular level. Pay spines consist of a hierarchy of pay points with increments between 2.5-3% that connect grades within an organization. The document was prepared by Manu Melwin Joy from Ilahia School of Management Studies in Kerala, India.

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