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Various Acts
Minimum Wages Act, 1948 Payment of Wages Act , 1936 Employees Provident Fund Act , 1952 Employees State Insurance Act, 1948 Employees Pension Scheme, 1955 The Workmens Compensation Act, 1923 The Payment of Bonus Act , 1965 Payment of Gratuity Act,1972
All remuneration by way of salary or allowances expressed in terms of money Payable under any award or settlement , on account of holidays, leave , termination etc
Does not include: Bonus, Value of house accommodation, PF , Gratuity, Traveling allowance
Every person who is employed in any of the establishments and who is drawing less than Rs. 6, 500 per mth.
Benefits:
Regular and timely payment of wages per industry
wise
Penalties :
They are from Rs 500 22, 500 . Repeat offences prisonment upto 1 6mths
All remuneration expressed in terms of money including HRA , does not include: Value of house accommodation, supply of light , water medical , attendance Any traveling allowance Any gratuity payable on discharge
employees in any scheduled employment in respect of which minimum rates of wages have been fixed under the Act.
Any person who is employed for hire/ reward to do any work in a scheduled employment and includes outdoor worker to whom any articles or materials are given for doing some work.
Benefits
The Act prescribes the minimum rates of wages payable
to employees for different scheduled employment for difference class or work and for adults hour, by the day , month.
Penalties :
Collective Bargaining
It is a process whereby standards are created to govern
Sectoral Bargaining at National Level Banks, coal ,steel etc They negotiate long terms settlements with the all India federations
These are common in cotton / jute textiles engineering and tea. Decentralised Firm / Plant Level agreements Amicable settlements Charter of demands
Wage Boards
First one was set up by the government in 1957 in the
Constitution
Tripartite in nature- chairperson, equal no. of representatives of employees and employees and 2 independent members Determine wages payable to employees
Belonging, Esteem & Self Actualisation Herzberg 2 factor theory- Hygiene & Motivation factors Mc Clelland- n Ach, n Aff & n Pow Alderfer (ERG ) Existence, Relatedness & Growth
Efforts- Perceived probability of success , ValencePerceived value of reward & Outcome Probability of receipt of reward.
Equity Theory:
When employees feel that what they give ( inputs ) and they receive (outcomes) is similar to what others are giving and receiving equity exists . Employees make comparisons to determine equity in various work situations.
Capacity to pay
Pay for performance
productivity Cost of living ( DA& CCA) Merit & Seniority Pay Motivation
Team assignment
Background and theory of compensation
Compensation Manual / guidelines Compensation Philosophy and policies
Compensation Model
Compensation for different levels from