- Remuneration at work other wise called the compensation package on a job invariably is negotiable.
- Market conditions almost fix the broad range of all salary packages.
- Elements of the salary package include the basic pay, an element to compensate for the 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's broadly supported by three variants of performance.
- Further performance on job can be direct or indirect depending on the job done.
- Employee welfare payments include
*Contribution towards Provident Fund,
*Payment of Gratuity,
*Payment of Medical Allowance,
*Payment towards Leave Travel,
*Provision of subsidized food, transport etc.
- Perks are part of employee motivational aids.
- Over time at work invariably exists.
- It's because the customer may require the help all of sudden and by meeting his/her requirement the highest customer satisfaction is achieved which is one of the main aims of good business.
- It may also be because the employee is running out of time beyond planned, due to vagaries of circumstances and it's appropriate to complete the same in time by taking care thru’ stay over.
- In third instance, over time can be because of certain training planned.
- The Parliamentary Acts related employee welfare stipulate certain conditions for booking over time. This involves welfare of employee in respect of
*Rest after the usual 8 hrs work,
*Facilities in respect of food/transport and
*Extra remuneration for the hrs of overtime.
- This is applicable only for those levels below supervisory cadre. Above this level, the employer generally compensates the employee thru’ time off.
- Extended overtime booking concept is working on weekly holidays/other paid holidays. The requirements and rules applicable are similar.