wages and salaries
Download as PPTX, PDF1 like676 views
Wages are paid to blue-collar workers like manual laborers on a daily or weekly basis for work where value can be easily quantified monetarily, while salary is paid monthly to white-collar employees such as executives and managers whose contributions are more difficult to measure precisely. Compensation includes wages as well as benefits, leave, facilities, travel allowances, housing, rank privileges, and non-monetary awards to achieve objectives like ensuring fair pay, attracting and retaining quality employees, balancing compensation with work, and boosting morale.
wages and salaries
- 4. 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
- 5. Compensation Compensation includes wages, benefits, leave facility, travel, house rent, privileges of rank and non monetary awards and recognition
- 6. TYPES OF WAGES Minimum Wage Nominal Wage Real Wage Statutory wage Fair Wage Living Wage
- 7. 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