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Factors Influencing Employee Remuneration
1.
Factors Influencing Employee
Remuneration
2.
3.
They can be
categorized : External Factors Internal Factors
4.
5.
Cost of
Living
6.
Labour Unions
7.
Government Legislations
8.
The Society,
and
9.
10.
A low
wage may be fixed when the supply of labour exceeds the demand for it.
11.
A higher wage
will have to be paid when demand exceeds supply, as in the case of skilled labour
12.
High remuneration
to skilled labour is necessary to attract and retain them.
13.
But exploitation
of unskilled labour, like, for instance, paying niggardly wages because it is available in plenty, in unjustified.
14.
15.
Going rates are
generally paid in the initial stages of plant operators.
16.
Productivity of labour
also influences wage fixation
17.
Productivity can arise
due to increased effort of the worker, or as a results of the factors beyond the control of the management, and the like.
18.
From advance technology
and more efficient method of production
19.
Productivity has only
a subordinate role in wage fixation.
20.
21.
22.
23.
for certain classes
of persons employed in the industry. Protection against irregularity in payment of wages in a particular form and at regular intervals
24.
the Minimum Wages
Act, 1948
25.
enabled central and
state Government to fix minimum rates of wages payable to employees
26.
the Payment of
Bonus Act 1965
27.
provides payment of
a specified rate of bonus to employees in certain establishments.
28.
Equal Remuneration Act,
1976 ,
29.
provides payment of
equal remuneration to men and women workers for same or similar work.
30.
the Payment of
Gratuity Act 1972
31.
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