Wage Structure and Principles
This content discusses the meaning of wages, different concepts such as bare wages, statutory minimum wages, living wages, and fair wages, as well as wage structure and principles of wage administration. It emphasizes the importance of wage administration in influencing employee commitment and work performance.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
Wage Structure and Principles P. Manicka Jothi, Assistant professor Department of Social Work Bon Secours College for Women Thanjavur
Content Introduction Meaning Different concept of wages Wage Structure Principles of wage Administration Conclusion
Introduction Wage administration affect level of employee commitment to the organisation. Pay affects the way people work how much and how well. A large part of the compensation that people receive from work is monetary. Employee benefits and services are form of compensation. Administration of employee compensation is called wage administration.
Meaning Wage means payment made to work doing physical work, Economic compensation by the employer to his service rendered by them. Wage is remuneration paid for the service of labour in production periodically to workers. Wage is paid on hourly or daily rate.
Different Concept of Wages Bare or Basic wage Statutory minimum wage Minimum wage Living wage Fair wage
Bare or Basic wages: It is sufficient for an employee. To have all the bair necessaries of his families food, clothing, shelter. Statutory minimum Wages : To pay their employees wages as determines under irrespective of their ability to pay. Minimum wages: It is considered educational and medical needs of the employees family.
Living wages: It is provide the following for the worker and family a) Food, Clothing and Shelter. b) Educational & Health c) Protection against certain misfortunate d) Fulfilement of social needs. Fair wages: It is alone the minimum wages but below the living wage. Capacity of employer to pay the productivity of labour Prevailing wage rates in the locality.
WAGE STRUCTURE To describe wage relationship within a particular grouping. It is referred to hierarchies of jobs to which these rates are attached. Wage structure divided. (i) wage level (ii) Takes Home pay (iii) Wominal wages (iv) Real wages (v) Wage rate
Principles of wage Administration Wage policies are to be carefully developed having in 1. mind interest of (a) owners (ie) management (b) Employees (c) The consumers and (d) community Wage plans should be sufficiently flexible To change in internal and external conditions of the organsation. Wage policies to ensure uniformity and stability. 3. The employees should know and understand the wage 4. policies. 5. Wage Policies to be evaluated periodically to ensure they are adequate for current needs.
To ensure that differences pay for jobs based upon variatitons in job requirement. Equal pay for equal work is to be followed to avoid inequaities. The wage should be adequate to ensure for the worker and his family to have reasonable standard of living. The wage payments should fulfill variety of human needs including the need for self actualization. Changes is cost of living and productivity changes in wages should be made accordingly. 6. 7. 8. 9. 10.
CONCLUSION Wage structure and principles is very essential one of the every industry. Wage administration aims to maintain an equilable wage structure and an equilable labour cost structure.
THANKING YOU
