Wage and salary

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WAGES AND SALARIES:

WAGES AND SALARIES Presented By Mrunalini B. Rane

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WAGES A wage is a compensation, usually financial, received by workers in exchange for their labor . W ages are monitory and applicable for the labour workforce.

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SALARY Money paid periodically to persons whose output cannot easily be measured, such as clerical staff, supervisory and managerial staff is termed as salary salary consists of HRA, DA, PF, ESI

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Difference between Wage & Salary Wage : Paid to blue-collar workers-paid daily, weekly or monthly-paid for the jobs which can , to some extent, be measured in terms of money’s worth Salary : Paid to white collar workers-paid monthly-paid to employees whose contribution cannot be easily measured

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Concept Of Wages MINIMUM WAGES FAIR WAGES LIVING WAGES

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Factors influencing wage and salary Wage policy of the company Psychological and sociological factors Levels of skills available in the market The prevailing market rate Supply and demand of labour •

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PAYMENT SYSTEMS Salary payment Systems Fixed Incremental Variable Incremental Fixed merit Variable Merit

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2)Wage Payment System Payment By Results Measured day Work Flat-Rate Systems

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Two Types of Wages The time wage system The time wage system is that system of wage payment in which the workers are paid on the basis of time spent by them in the factory. Under this system, the workers and employees are paid wages on the basis of the time they have worked rather than the volume of output they have produced .

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We can calculate wages with following formula Total Wages = Time taken X Rate For Example A worker produced 10000 articles in 7600 hours. His hourly wage rate is Rs. 2 /- . Calculate the wage of the worker when he is paid on the basis of time. Solution : Applying the formula, we get : Wage = T.T. X R = 7600 X 2 = Rs. 15200

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The piece Wage system The piece wage system is that system of wage payment in which the workers are paid on the basis of the units of output produced A fixed rate for producing a unit of output is agreed upon and paid

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Total Wages = Unit Produced X Rate per unit For Example : 2500 units were produced by a worker in 1200 hrs. Rate of production is Rs. 3 /- per unit. Calculate the wage of the worker if he is paid according piece rate method. Solution : By applying formula, we get : Wages = units produced X rate per unit = 2500 X 3 = Rs. 7500