Compensation:
"It is a pay or money, incentives, salary, benefits provided to the employees for their service to the organization."
Types of compensation pay:
1.Base wages and salary:This consists of basic salary to the employee for his work in the organization.
2.Base wage and salary add-ons: This consists of salary for the employee for his overtime work done in the organization.
3.Benefits and services: Cafeteria services, Fringe benefits (health insurance, group term life coverage, childcare and assistance reimbursement), C.C.A (City Compensatory Allowance), HRA (Human Resource Audit)
4.Incentive payments:Payment made to employees on the basis of his output.
2 comments:
It's about time to make some increase. It doesnt meet the standards anymore.
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