Remuneration at work :
Remuneration at work other wise called compensation package on a job invariably is negotiable.
Market conditions almost fix the broad range of salary packages.
Elements of salary package include basic pay, an element to compensate rise in prices, other perks and allowances and variable pay.
Basic pay is the standard yardstick for many payments/calculations and is invariably to be paid by employer if profit is earned or not.
Variable pay component depends purely on performance and profits earned. It is broadly supported by three variants of performance.
1. Individual performance
2. Group performance
3. Divisional performance
Further performance on job can be direct or indirect depending on the job done.
Sometimes the whole salary is an overhead.
Employee welfare payments include contributions towards provident fund, payment of gratutity, payment of medical allowance, payment towards leave travel, provision of subsidized food, transport etc.
Perks are part of employee motivational aids.
Overtime at work:
Over time at work invariably exists.
It is because the customer may require the help all of sudden and by meeting his requirement the highest customer satisfaction is achieved which is one of the mottos of good business.
It may also be because the employee is running out of time beyond planned, due to vagaries of circumstances and it is appropriate to complete the same in time by taking care thru’ stay over.
In third instance, over time can be because of trainings planned.
Only in the first instance, the employee can expect extra remuneration from the employer. In the second instance, the employee should be grateful that the employer has not questioned his inabilty and carelessness in not completing the work in time.
Indian Factories Act stipulates certain conditions of booking over time. This involves welfare of employee in respect of rest, facilities and extra remuneration who worked already eight hrs and is strained. This is applicable only for all those levels below supervisory cader. Above this level, the employer generally compensates thru’ time off.
Extended overtime booking concept is working on weekly holidays/other paid holidays. The requirements and rules applicable are similar.