For more Notes, Presentations, Project Reports visit

a2zmba.blogspot.com

hrmba.blogspot.com

mbafin.blogspot.com

IsCompensation =

My Inputs and Contributions

Factors influencing wage and salary structure and administration

• The organizations ability to pay;

• Supply and demand of labour;

• The prevailing market rate;

• The cost of living;

• Living wage;

• Productivity;

Factors influencing wage and salary structure and administration

• Trade unions bargaining power

• Job requirements

• Managerial attitudes

• Psychological and sociological factors

• Levels of skills available in the market

Administration of Wages and Salaries

Handled by:- – Personnel department– Or committee who’s major functions are

• Approval to management on job evaluation methods

• Review of basic wage and salary structure

• Help in the formulation of wage policies

• Co-ordination of relative departmental

• Review of budget estimates

PRINCIPLES OF WAGES AND SALARY ADMINISTRATION

• Pays varies as per skills required

• General level of wages should be proportionate with existing labour market rates

• Equal pay for equal work

CASE STUDY

MTB PRIVATE LIMITED

MTB PRIVATE LIMITED

Facts File:

• Employee strength=400

• 2nd largest cloth manufacturing company in Nashik.

• Contractual and Permanent type of labour

HORROR STORIES IN INDIA

• BHARAT OPTHALMIC GLASSES

• National Textile Corporation

• Hindustan Fertilizer Corporation Ltd. Haldia

• Heavy Engineering Corporation

Wage Policy in India

• Minimum Wage

• Fair wage

• Living wage

State regulation of wages

• Minimum wages act, 1948

• Payment of Wages Act, 1936

• For more Notes, Presentations, Project Reports visit

• a2zmba.blogspot.com

• hrmba.blogspot.com

• mbafin.blogspot.com