Hey I Am New Creature In This World Guys Any One Can Help Me To Beeter Know What Are The Components Present In Compensation And What Is It All About
From India, Hyderabad
1From India, Hyderabad
Hi
Kindly reframe your question and explain clearly what is that you want to know, so that we can help you out. As per what i understand, you are asking the components in compensation, then that will include the perks, bonus, amenities etc.
just reframe, so that we can help
julie
From India, Hyderabad
Kindly reframe your question and explain clearly what is that you want to know, so that we can help you out. As per what i understand, you are asking the components in compensation, then that will include the perks, bonus, amenities etc.
just reframe, so that we can help
julie
From India, Hyderabad
Hi,
The main components in a compensatin package are Basic, all Alowances and all deductions
actually
Gross=Basic+all allowances (viz, HRA, TA, SPECIAL ALLOWANCES, CITY COMPENSATORY ALLOWANCES etc.,)
Net=Gross-all deductions (viz, Employee PF-12%, employee ESI-1.75%, P.TAX etc)
and other components are also included like BONUS, OT, COMPENSATORY OFF, GRATUITY, MEDICAL REIMBURSEMENTS/MEDICLAIMS, LTA, INCENTIVES etc.,
Now, CTC=BASIC+ALL ALLOWANCES+EMPLOYER CONTRIBUTIONS (Viz PF - 12%,ESI-4.75% etc.,)
Actually there is no particular definition for CTC, it depends on the company's pay structure.
Few companies will include incentives in CTC few companies will not.
From India, Hyderabad
The main components in a compensatin package are Basic, all Alowances and all deductions
actually
Gross=Basic+all allowances (viz, HRA, TA, SPECIAL ALLOWANCES, CITY COMPENSATORY ALLOWANCES etc.,)
Net=Gross-all deductions (viz, Employee PF-12%, employee ESI-1.75%, P.TAX etc)
and other components are also included like BONUS, OT, COMPENSATORY OFF, GRATUITY, MEDICAL REIMBURSEMENTS/MEDICLAIMS, LTA, INCENTIVES etc.,
Now, CTC=BASIC+ALL ALLOWANCES+EMPLOYER CONTRIBUTIONS (Viz PF - 12%,ESI-4.75% etc.,)
Actually there is no particular definition for CTC, it depends on the company's pay structure.
Few companies will include incentives in CTC few companies will not.
From India, Hyderabad
Dear Hr Hyd,
Pl find below the details of components of compensation.
COMPONENTS OF COMPENSATION
Compensation is the remuneration received by an employee in return for his/her contribution to the organization..
Compensation provided to employees can direct in the form of monetary benefits and/or indirect in the form of non-monetary benefits known as perks, time off, etc. Compensation does not include only salary but it is the sum total of all rewards and allowances provided to the employees in return for their services..
DIRECT COMPENSATION
BASIC SALARY
Salary is the amount received by the employee in lieu of the work done by him/her for a certain period say a day, a week, a month, etc. It is the money an employee receives from his/her employer by rendering his/her services.
HRA
Organizations either provide accommodations to its employees who are from different state or country or they provide house rent allowances to its employees. This is done to provide them social security and motivate them to work.
CONVEYANCE
Organizations provide for cab facilities to their employees. Few organizations also provide vehicles and petrol allowances to their employees to motivate them.
Leave Travel Allowance
These allowances are provided to retain the best talent in the organization. The employees are given allowances to visit any place they wish with their families. The allowances are scaled as per the position of employee in the organization.
Medical Reimbursement
Organizations also look after the health conditions of their employees. The employees are provided with medi-claims for them and their family members. These medi-claims include health-insurances and treatment bills reimbursements.
Bonus
Bonus is paid to the employees during festive seasons to motivate them and provide them the social security. The bonus amount usually amounts to one month’s salary of the employee.
Allowances
Allowance such as overtime, mobile allowances, meals, travel allowance, are provided to employees to provide them social security and motivate them which improve the organizational productivity.
INDIRECT COMPENSATION
Leave Policy
It is the right of employee to get adequate number of leave while working with the organization. The organizations provide for paid leaves such as, casual leaves, medical leaves (sick leave), and maternity leaves, statutory pay, etc.
Overtime Policy
Employees should be provided with the adequate allowances and facilities during their overtime, if they happened to do so, such as transport facilities, overtime pay, etc.
Hospitalization
The employees should be provided allowances to get their regular check-ups, say at an interval of one year. Even their dependents should be eligible for the medi-claims that provide them emotional and social security
Insurance
Organizations also provide for accidental insurance and life insurance for employees. This gives them the emotional security and they feel themselves valued in the organization.
Retirement Benefits
Organizations provide for pension plans and other benefits for their employees which benefits them after they retire from the organization at the prescribed age.
Holiday Homes
Organizations provide for holiday homes and guest house for their employees at different locations. These holiday homes are usually located in hill station and other most wanted holiday spots. The organizations make sure that the employees do not face any kind of difficulties during their stay in the guest house.
Flexible Timings
Organizations provide for flexible timings to the employees who cannot come to work during normal shifts due to their personal problems and valid reasons.
I hope now u must be having a brief idea of components of compensation management.
KATYANA
From India, Gurgaon
Pl find below the details of components of compensation.
COMPONENTS OF COMPENSATION
Compensation is the remuneration received by an employee in return for his/her contribution to the organization..
Compensation provided to employees can direct in the form of monetary benefits and/or indirect in the form of non-monetary benefits known as perks, time off, etc. Compensation does not include only salary but it is the sum total of all rewards and allowances provided to the employees in return for their services..
DIRECT COMPENSATION
BASIC SALARY
Salary is the amount received by the employee in lieu of the work done by him/her for a certain period say a day, a week, a month, etc. It is the money an employee receives from his/her employer by rendering his/her services.
HRA
Organizations either provide accommodations to its employees who are from different state or country or they provide house rent allowances to its employees. This is done to provide them social security and motivate them to work.
CONVEYANCE
Organizations provide for cab facilities to their employees. Few organizations also provide vehicles and petrol allowances to their employees to motivate them.
Leave Travel Allowance
These allowances are provided to retain the best talent in the organization. The employees are given allowances to visit any place they wish with their families. The allowances are scaled as per the position of employee in the organization.
Medical Reimbursement
Organizations also look after the health conditions of their employees. The employees are provided with medi-claims for them and their family members. These medi-claims include health-insurances and treatment bills reimbursements.
Bonus
Bonus is paid to the employees during festive seasons to motivate them and provide them the social security. The bonus amount usually amounts to one month’s salary of the employee.
Allowances
Allowance such as overtime, mobile allowances, meals, travel allowance, are provided to employees to provide them social security and motivate them which improve the organizational productivity.
INDIRECT COMPENSATION
Leave Policy
It is the right of employee to get adequate number of leave while working with the organization. The organizations provide for paid leaves such as, casual leaves, medical leaves (sick leave), and maternity leaves, statutory pay, etc.
Overtime Policy
Employees should be provided with the adequate allowances and facilities during their overtime, if they happened to do so, such as transport facilities, overtime pay, etc.
Hospitalization
The employees should be provided allowances to get their regular check-ups, say at an interval of one year. Even their dependents should be eligible for the medi-claims that provide them emotional and social security
Insurance
Organizations also provide for accidental insurance and life insurance for employees. This gives them the emotional security and they feel themselves valued in the organization.
Retirement Benefits
Organizations provide for pension plans and other benefits for their employees which benefits them after they retire from the organization at the prescribed age.
Holiday Homes
Organizations provide for holiday homes and guest house for their employees at different locations. These holiday homes are usually located in hill station and other most wanted holiday spots. The organizations make sure that the employees do not face any kind of difficulties during their stay in the guest house.
Flexible Timings
Organizations provide for flexible timings to the employees who cannot come to work during normal shifts due to their personal problems and valid reasons.
I hope now u must be having a brief idea of components of compensation management.
KATYANA
From India, Gurgaon
Hi, I want to know current minimum wages of punjab with all category. If, available please provide me notification of minimum wages. Thanks Ranjit Samal 9818758445
From India, Delhi
From India, Delhi
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