CONTENTS BLOCK: BASICS OF COMPENSATION MANGEMENT UNIT 1 INTRODUCTION TO COMPENSATION, REWARDS, WAGE LEVELS AND WAGE STRUCTURES 120 1.0 Introduction LL Objectives 1.2 Introduction to Compensation, Rewards and Wage System 12 Characteristics of Rewards 1.3, Wage Levels and Wage Structures 131 Wage Level 132. Wage Structure 14 Introduction to Wage 141 Determination Process 142. Wage Administration Rules 15 Pay 15.1 Compensation Based on Macroveonomie and Microeconomic Factors 152. Wage Settlement 16 Safety Measures at Workplace 1.7. Answers to Check Your Progress Questions 18. Summary 1.9 Key Words 1.10 Self Assessment Questions and Exercises 11 Further Readings: UNIT 2. WAGE AND SALARY STRUCTURE: AN OVERVIEW 21-36 2.0 Introduction 2.1 Objectives 22. Introduction to Factors Influencing Wage and Salary Structure 221. Principles of Wage and Salaries Administration 23. Wage Theories 231 Evaluation of Theories 232 Hypothetical Approach to Wage Theories 24 Components of Compensation 2.5 Implications and Problems 251 Problem or Issues of Employees Compensation 252 Prospects or Opportunity of Compensation 2.6 Answers to Check Your Progress Questions 27 Summary 2.8 Key Words 2.9. Self Assessment Questions and Exercises 2.10 Further Readings UNIT3— MINIMUM WAGI N OVERVIEW 37-49 3.0 Introduction 3.1 Objectives 3.2. Introduction to Minimum Wages