According to the fair wages committee report, the living wages must be a le to make the male earner to provide himself and his family not only basic necessities, viz.- food, clothing and shelter but also education for the children and protection against ill-health and essential social needs. Salary method vs. draw method. presence of trade unions. Fringe benefits no doubt, are non-wage benefits offered to staff/employees in an organization. Very often, problem arises as to whether all the employees employed on the same job should be paid the same wage. Human Resource Management by University of Minnesota is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. combined into a salary structure that sets the pay rate or range for each organizational job. While much of this disparity in pay can be measured in the differences in education of workers and the change This employment relationship is gone now for Some other salary structure determinants derived from economic analysis may be noted. Again depending upon the type of survey, the questionnaire, the points for discussions and the format for recording the data should be first determined. There is some tendency to equate pay fairness or equity with pay satisfaction. Procure market rate data keeping in mind that there is likely to be a range of market rates in existence in the labour market. It may be defined as a process of determining the relative worth of jobs, ranking and grading them by comparing the duties, responsibilities, requirements like skill, knowledge of a job with other jobs, with a view to fixing compensation payable to concerned job holder. The effect of technology on salary structure at both the level of the national economy and at the firm level matches Source: Determination of wage rate of employees is one of the basic activities of management. Several types of pay systems can be implemented. This includes salary, dearness allowance, house rent allowance, city compensation allowance, other allowance, overtime payments, etc. Organizations of this type have only limited choices, The main advantage of broad banding is that it injects greater flexibility into employee compensation. for parts of its workforce. It also provides A number of new types of salary structures are being developed based upon the person and not the job. In balancing the many conflicting considerations, organisational goals may appear controlling, but over any significant period they probably cannot be allowed to conflict with socially prescribed objectives. are uninterested in the employer's problems of maintaining economic efficiency. In simple words wages means reward for the labourer for his services rendered to the industry. expectations of future earnings strongly influence occupational choice and thus labor supply. Demand and supply of labour – The demand for and the supply of certain skills determine prevailing wage rates. This is one the important institutions set-up by the Government of India for fixation and revision of wages. Wages are payments for labour services rendered frequency, expressed in hourly rates, while a salary is a similar payment, expressed in weekly, monthly or annual rates.
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