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    Wage & Salary Administration

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    ganguly_ajay
    This document discusses wages and salary administration. It defines wages as earnings paid for daily, weekly, or monthly work, including basic wages and allowances. Salary is defined as compensation paid monthly or annually regardless of output. The objectives of wage and salary administration are to control costs, establish fair pay, motivate employees, and maintain good public relations. Functions include approving job evaluations, recommending pay policies, and reviewing wages by department. Principles include developing careful wage policies considering owners, employees, consumers, and community interests; clearly expressing policies in writing; evaluating performance against standards; and periodically updating job descriptions and ratings.

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    Wage & Salary Administration

    Uploaded by

    ganguly_ajay
    21 views1 page
    This document discusses wages and salary administration. It defines wages as earnings paid for daily, weekly, or monthly work, including basic wages and allowances. Salary is defined as compensation paid monthly or annually regardless of output. The objectives of wage and salary administration are to control costs, establish fair pay, motivate employees, and maintain good public relations. Functions include approving job evaluations, recommending pay policies, and reviewing wages by department. Principles include developing careful wage policies considering owners, employees, consumers, and community interests; clearly expressing policies in writing; evaluating performance against standards; and periodically updating job descriptions and ratings.

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    This document discusses wages and salary administration. It defines wages as earnings paid for daily, weekly, or monthly work, including basic wages and allowances. Salary is defined as compensation paid monthly or annually regardless of output. The objectives of wage and salary administration are to control costs, establish fair pay, motivate employees, and maintain good public relations. Functions include approving job evaluations, recommending pay policies, and reviewing wages by department. Principles include developing careful wage policies considering owners, employees, consumers, and community interests; clearly expressing policies in writing; evaluating performance against standards; and periodically updating job descriptions and ratings.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    21 views1 page

    Wage & Salary Administration

    Uploaded by

    ganguly_ajay
    This document discusses wages and salary administration. It defines wages as earnings paid for daily, weekly, or monthly work, including basic wages and allowances. Salary is defined as compensation paid monthly or annually regardless of output. The objectives of wage and salary administration are to control costs, establish fair pay, motivate employees, and maintain good public relations. Functions include approving job evaluations, recommending pay policies, and reviewing wages by department. Principles include developing careful wage policies considering owners, employees, consumers, and community interests; clearly expressing policies in writing; evaluating performance against standards; and periodically updating job descriptions and ratings.

    Copyright:

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    Download as DOC, PDF, TXT or read online from Scribd
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    Wages and salary Administration

    Wages- Aggregate earnings of a employee for his service for a day, or a week, or a month . It is the price paid for the services of labour in the process of production. Includes 2 parts- the basic wages & other allowance Salary- compensation to an employee for service rendered on a weekly, monthly orannual basis.

    WAGE VS. SALARY: WAGE: 1. Quantum of service can be measured 2. Shorter Service period 3. Payment based on actual production. SALARY: Quantum of service can not be measured 2. Longer Service period 3. Paid uniformly on monthly basis. Wage rate- Wage received by a worker for a unit of time or production excludes all otherearnings. Wage scale- Putting together all properly evaluated standard wage rates arranged in sequence according to evaluation of job & size of rate. Nominal wages- Wage expressed in terms of money. Real wages- Goods & services which could be purchased with the help of money wage. Fringe benefit- compensation over & above wages often not related to output, performance or time worked Objectives of wage & salary Administration
    Control of costs Establishment of fair & equitable remuneration Employee motivation Maintenance of a satisfactory public relation image.

    Functions of wage & salary Administration To approve system of job description and evaluation. Recommend to top management the policy for administration of wage programme. To recommend changes in wage policies and in the salary or wage level. To review wage and salary department wise. To check all activities of the salary administration against the company policies. Principles of wage & salary Administration 1. Wage policies should be carefully developed, having in mind the interest of. (a) the owners (b) the employees (c) the consumers (d) the community 2. It should be clearly expressed in writing. 3. It should be checked against the formulatedpolicies 4. It must inform to the employees in right way. 5. It should be evaluated from time to time. 6. Departmental performance should be checked periodically against the standards set in advance 7. Job descriptions and performance rating should e checked periodically to keep them up to date.

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