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Compensation
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3. Basic classification of compensation methods Time rated - employees are paid on the basis of the time they put in on the job. Performance is not a basic criteria. Piece rated- employees are paid based on the number of units produced/serviced/sold by them. Time spent on the job is not a basic criteria.
8. Statutory requirements in India Payment of bonus Act 1965 requires employers to pay bonus to eligible employees every year. Beedi and Cigar Workers[conditions of employment )Act 1966 requires payment of overtime at double the normal rate[s.18] and One day paid holiday for every six days of work [s.21]
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10. Statutory requirements in India Section 33 of Mines Act 1952 requires payment of overtime to workmen Working journalists Act 1955 provides for weekly holiday[s.6] over time [s.10] annual holidays [s.13]. Apprentices Act 1961 requires payment of overtime and weekly holiday.
11. Statutory requirements in India Weekly holidays Act 1942 and the Shops and commercial establishments Acts of the states provide for weekly holidays.
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15. Equity issues in pay External equity - pay must be comparable favourably with other organizations for similar jobs Internal equity - Each employee should feel that his pay is equitable compared to others in the organization
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18. Methods of job evaluation Classification or grading method Categorizing jobs into groups based on the compensable factors Point method Identify several compensable factors and the degree to which each of these factors present in the said job.
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33. Incentive plans Piecework plans Straight piece work plan : each worker receives a set payment for each piece produced or processed in a factory/shop Guaranteed piecework plan : the minimum hourly wage plus an incentive for each piece produced above a set number of pieces per hour. Standard hour plan : the worker is rewarded by a percent premium that equals the percent by which his or her performance exceeds the standard
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