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Wages and salariesadministration
By: Sheeba Rehman
 
 
Compensation management
Compensation is what employeesreceive in exchange for their contribution to the organisation.
Total compensation =Direct + Indirect CompensationBase PayIncentivesBenefits
 
 
Components of employee remuneration
RemunerationFinancialNon-financialBasic wagesIncentives,Individual plansGroup plansFringe benefitsP.F.Medical careAccident relief Health andGroup insurance PerquisitesCarClub membershipPaid holidaysFurnished houseStock option schemeJob contextChallenging jobResponsibilitiesGrowth prospectsSupervisionWorking conditionsJob sharing etc
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