Compensation:
It is the process of providing adequate, equitable and fair remuneration to the employees. It includes:
Job evaluation:
It is the process of determining relative worth of jobs.
Wage and salary Administration:
This is the process of developing and operating a suitable wage and salary programme.
Incentives:
It is the process of formulating, administering and reviewing the schemes of financial incentives in addition to regular payment of wages and salary.
Bonus:
It includes payment of statutory bonus according to the Payment of Bonus Act, 1965 and its latest amendments.
Fringe benefits :
These are the various benefits at the fringe of the wage. Management provides these to motivate the employee and to meet their life’s contingencies.
Social security measures:
Managements provide social security to their employees in addition to the fringe benefits.
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