COMPENSATION SYSTEM ADMINISTRATION

Wage & Salary Administration : Nature and Scope, wage determination process, Factors Influencing wage and Salary Administration. Wage – Theories of Wages, Types of Wages – Time rate, piece rate, debt method, Wage differentials.

Planning for Improved Competitiveness : Diagnosis and Bench Marking, Obtaining Commitment; Determination of Inter and Intra-industry Compensation Differentials, Internal and External Equity in Compensation Systems.

Incentives and Fringe Benefits : Incentives – Definition, Types of Incentives, Individual incentives: Measured day Work, Piece work, standard hour, Gain sharing, its advantages and disadvantages, Organization Wide incentives – Scanlon Plan, Kaiser Plan, Profit sharing, Non-financial incentives, Fringe Benefits – Definition, Objectives, Types of Fringe Benefits Individual Group Variable Compensation: Pay for Performance, Pay by Seniority, Group Piece rate, Production sharing plan, Employee Profit sharing Employee stock ownership, Gain Sharing.

 Incentives and Retirement Plans : Basic Pay, Provisions for Dearness allowance – Calculation of total compensation package, various methods of compensating cost of living Neutralization factors. Executive Compensation Plan, Retirement Plan.

Social Security Laws : Laws Relating to Workmen’s Compensation, Employee’s State Insurance, Provident Fund, Gratuity and Maternity Relief. Wages and Bonus Laws – The Law of Minimum Wages, Payment of Wages, Payment of Bonus. Objectives and scope of these Laws. Equal Remuneration Act Working of Different Institutions related to Reward system like Wage Boards, Pay Commissions.