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Wages andsalariesadministration
By: Mr. Ramesh Kumar Nehra
 
Compensation management
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Compensation is what employeesreceive in exchange for their contribution to the organisation.
Total compensation =Direct + IndirectBase PayIncentivesBenefits
 
Components of employee remuneration
RemunerationFinancialNon-financialBasic wagesIncentives,Individualplans Fringe benefitsP.F.Medical careAccident relief Health andGroupinsurancePerquisitesCarClub membershipPaid holidaysFurnished houseStock optionschemeJob contextChallenging jobResponsibilitiesGrowth prospectsSupervisionWorkingconditionsJob sharing etc
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