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Compensation, WagesCompensation, Wages
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Benefit AdministrationBenefit Administration
Compensation, WagesCompensation, Wages
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Benefit AdministrationBenefit Administration
Unit 3Unit 3
NEW AGE NEW AGE
Human Resource Management Human Resource Management
andand
Impact of Employment Legislations in Impact of Employment Legislations in
IndiaIndia
NEW AGE NEW AGE
Human Resource Management Human Resource Management
andand
Impact of Employment Legislations in Impact of Employment Legislations in
IndiaIndia
Labour Laws on Wages & Extra Hours of workLabour Laws on Wages & Extra Hours of workLabour Laws on Wages & Extra Hours of workLabour Laws on Wages & Extra Hours of work
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Provisions of the Act Provisions of the Act Provisions of the Act Provisions of the Act
Minimum wage requirement sets wage floorMinimum wage requirement sets wage floorMinimum wage requirement sets wage floorMinimum wage requirement sets wage floor
Child labor (under 14 years old) is prohibitedChild labor (under 14 years old) is prohibitedChild labor (under 14 years old) is prohibitedChild labor (under 14 years old) is prohibited
Requires overtime payments for non-exempt employeesRequires overtime payments for non-exempt employeesRequires overtime payments for non-exempt employeesRequires overtime payments for non-exempt employees
Exempts highly-paid Managerial Staff & over time Exempts highly-paid Managerial Staff & over time Exempts highly-paid Managerial Staff & over time Exempts highly-paid Managerial Staff & over time
Requires overtime Requires overtime pay for hours over 48 hourspay for hours over 48 hoursRequires overtime Requires overtime pay for hours over 48 hourspay for hours over 48 hours
Requires compensatory time at overtime – twice Requires compensatory time at overtime – twice Requires compensatory time at overtime – twice Requires compensatory time at overtime – twice
Compensation Systems Compensation Systems Compensation Systems Compensation Systems
Objectives of an Effective Compensation System:
Legal compliance with all appropriate laws and regulations
Cost effectiveness for the organization
Internal, external, and individual equity for employees
Performance enhancement for the organization
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Nature of CompensationNature of CompensationNature of CompensationNature of Compensation
Types of Rewards
IntrinsicIntangible, psychological and social effects of compensation
Extrinsic
Tangible, monetary and nonmonetary effects of compensation
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Components of A Compensation ProgramComponents of A Compensation ProgramComponents of A Compensation ProgramComponents of A Compensation Program
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Compensation Models & Wages Structures Compensation Models & Wages Structures Compensation Models & Wages Structures Compensation Models & Wages Structures
Compensation Type
Wage Structure Administrative Heads
Compensation Design Various options
Salary Gross Salary, Earned Wages & Net Salary, Take Home Salary
Variable Pay Compensation linked to individual, team, or organizational performance.
Benefit An indirect reward given to an employee or group of employees as a part of organizational membership.
Deductions Statutory, Non Statutory / Authorized
Recovery Damages, Fine and others
CTC Contributions to by the Employer , direct / indirect cost and long term provisioning
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Legal classification of Pay components Legal classification of Pay components Legal classification of Pay components Legal classification of Pay components
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Competency-Based Pay & Legal Limitations Competency-Based Pay & Legal Limitations Competency-Based Pay & Legal Limitations Competency-Based Pay & Legal Limitations
Maintenance ofCompetencies
Maintenance ofCompetencies
LimitationsLimitationsConsideration
based on Competencies
Consideration based on
Competencies
TrainingTraining
Competency-Competency-Based Pay Based Pay SystemsSystems
Competency-Competency-Based Pay Based Pay SystemsSystems
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Compensation – Applicable Legislations in India Compensation – Applicable Legislations in India Compensation – Applicable Legislations in India Compensation – Applicable Legislations in India
Minimum Wages ActMinimum Wages ActThe Payment of Wages ActThe Payment of Wages ActEqual Remuneration ActEqual Remuneration ActWorkman Compensation ActWorkman Compensation ActEPF Act , ESI Corporation ActEPF Act , ESI Corporation ActThe Payment of Bonus ActThe Payment of Bonus ActThe Maternity Benefit ActThe Maternity Benefit ActThe Payment of Gratuity Act The Payment of Gratuity Act The Tamil Nadu Subsistence Allowance ActThe Tamil Nadu Subsistence Allowance Act The Apprentice ActThe Apprentice Act
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Specific Questions Specific Questions Specific Questions Specific Questions
SECTION Wages & Compensation
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