Conceptually wage is the remuneration given to people in return for the work they do. But somewhere during the process of our wage administration for the last three decades, the link between wages and work has been completely lost. The problem, how to restore this lost link between wages and work, is now attracting the attention of thinking people concerned with the evaluation of wage policies, design of wage systems and administration of wage/salaries.
Different Components Of Wages:
These emoluments of employees consist of eight to nine major components:-
1. Basic wages/Salary
2. Dearness allowance
3. Incentive earnings
4. Annual bonus
5. Leave and holiday pay
6. Other allowances like HRA, CCA, etc
7. Fringe benefits
8. Terminal benefits
9. Overtime.
Each of these components has to be examined in relation to productivity, in order to evolve valid criteria for a wage policy.
These emoluments of employees consist of eight to nine major components:-
1. Basic wages/Salary
2. Dearness allowance
3. Incentive earnings
4. Annual bonus
5. Leave and holiday pay
6. Other allowances like HRA, CCA, etc
7. Fringe benefits
8. Terminal benefits
9. Overtime.
Each of these components has to be examined in relation to productivity, in order to evolve valid criteria for a wage policy.
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