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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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