5. Remuneration & Its Components Hourly and monthly Rated Wages and Salaries Direct Indirect Remuneration Financial Non Financial Incentives Individual Plans Group Plans Fringe Benefits P.F, Gratuity, Medical Care, Accident Relief, Health and Group insurance Perquisites Company Car, Club Membership, Paid Holidays, Furnished House, Stock option scheme, etc Job Content Challenging job, Responsibilities, Recognition, Growth prospects, Supervision, Working conditions, Job sharing, etc. Definition: Remuneration' is a general term covering the monetary and related entitlements of employees - paid by employers in return for the work of employees. Components:

6. Compensation Administration Process

8. Job Evaluation Factor Comparison Ranking Classification Point Method Job Evaluation Methods Job Evaluation: The systematic determination of the relative worth of jobs within an organization. Methods of Job Evaluation

9. Developing Pay Surveys Select Employers with Comparable Jobs Determine Jobs to be Surveyed Decide What Information Is Needed Conduct Survey