The objective of this subject is to promote an understanding of issues related to the compensation in the organizations.
Employee Compensation Management: Concept, Significance of Employee Compensation, common types of compensation.
Wage concepts – Minimum wage, Fair wage, Living wage; Wage Theories, Wage policy in India.
Wage Determination: Wage Determinant Methods, Job Analysis and Job Evaluation, Wage Differentials-types, Wage Fixation – Statutory wage fixation, Wage Boards & Pay Commissions , wage services
Wage Components: Basic Salary, DA (evolution and its significance), Fringe benefits, Bonus, Incentives (Individual, group and organization wide).
Methods of wage payment – Time, Piece rate and Incremental Time Scales.
Executive Compensation: Recent trends in Executive compensation in Indian Organizations
Compensation Management :A Strategic Perspective –Significance of Compensation Strategy
International compensation: Objectives and key components of international compensation.
Indian Legislations related to Wages; Workmen’s Compensation Act, 1923; Payment of Wages Act 1936; Minimum wages Act,1948; Payment of bonus Act ,1965,Payment of Gratuity Act 1972