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Tuesday, July 26, 2011

Wages and Salary Administration Project Report

A Study on Wages & Salary Administration
INTRODUCTION-
WAGES AND SALARLY:
Wages and salary administration is an integral part of the management of the organization. Wages and salary is a systematic approach to providing monetary value to employees in exchange for work performed.

It may achieve several purposes assisting in recruitment, job performance, and job satisfaction. It is the remuneration received by an employee in return for his\her contribution to the organization .It is an organized practice that involves balancing the work –employee relation by providing monetary and non-monetary benefits to employees.

The vast majority of American adults gain their livelihoods by working for a corporation or partnership that they do not own. This is true of people who work in factories, stores, or offices. It is also true of many highly educated workers, such as doctors, and non-tenured college professors (who have no property rights in their jobs). Most unskilled and semi-skilled workers are paid by the hour, most professionals or semiprofessionals are paid by the month or the year. Although hourly employees are called wage workers and others are generally considered salaried, all depend for their livelihoods on payment by the owners of productive property (capital) that makes a profit on their labor. In that sense they are all wage workers.

But like assembly line workers, wages are ballplayers' primary source of income, and they are employed by corporations that make a profit from their work. If an owner's team consistently loses money, players will be paid less—or traded.

MEANING OF WAGES:
Wages means all remuneration capable of being expressed in terms of money, which would, if the terms of contract of employment ,express or implied, were fulfilled, be payable to a person employed in respect of his employment or of work done in such employment.

MEANING OF SALARY:
A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis.

From the point of a business, salary can also be viewed as the cost of acquiring human resources for running operations, and is then termed personnel expense or salary expense. In accounting, salaries are recorded in payroll accounts.

INCREMENT:
An employee or any other staff working in the concern has yearly increment, if he has regular attendance they are eligible to get the increment

It is maintained by the personal branch of ICF, based on the post or position in which they are placed in the organization.
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Employee Welfare Project Report

A Study on Employee Welfare Measures
MEANING OF WELFARE MEASURES:
Labor Welfare is a term which must necessarily be elastic, bearing a somewhat different interpretation in one necessary country from another, according to the different social customs, the degree of industrialization and educational level of the workers. Welfare means faring (or) doing well. It is a comprehensive term, and refers to the physical, mental, moral and emotional well-being of an individual.

Trade unions and governmental and non-governmental agencies. It is rather difficult to define the term labour welfare precisely because of the relatively of the concept. Welfare includes anything that is done for the comfort and improvement of employees and is provided over and above the wages. Welfare helps in keeping the morale and motivation of the employees high so as to retain the employees for longer duration. The welfare measures need not be in monetary terms only but in any kind/forms,

DEFINITION OF WELFAREMEASURES:
According to the committee on labor welfare, welfare services should mean:
=> Such services, facilities, and amenities s adequate canteens, rest and recreation facilities, sanitary and medical facilities, arrangements for travel to and from place of work, and for the accommodation of workers employed at a distance from their homes;
=> Such other services amenities and facilities, including social security measures, as contribute to the conditions under which workers are employed.

MERITS AND DEMERITS OF WELFARE MEASURES:
=> It is desirable to recollect the service of a typical worker in the context.
=> His/Her labour helps dig and haul coal from the depth of the earth.
=> To fetch and refine oil, to build dams and reservoirs, to lay pipes, canals railway lines and roads.
=> His/Her actions and interactions within the industrial framework will have a great impact and influence (or) industrial development.
=> Welfare facilities tend to make the worker happy, cheerful and confident looking.
=> Welfare may not directly increase productivity, but it add to general feelings of satisfaction with the company and cut down labor turnover.

MAIN FEATURES:
1) It is the work which is usually undertaken within the promises (or) in the
vicinity of the undertakings for the benefit of the employees and the members
of their families.
2) The purpose of providing welfare amenities is to bring about the development of
the whole personality of the worker –his social, psychological, economic, cultural and intellectual development to make him a good works. A good citizen of a good member of the family.
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