MU0015 – COMPENSATION AND BENEFITS

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MU0015 – COMPENSATION AND BENEFITS

1 (i) What is meant by “compensation management”?

Answer : Compensation Management is an organized practice that involves balancing the work-employee relation by providing monetary and non-monetary benefits to employees. Compensation includes payments such as bonuses, profit sharing, overtime pay, recognition rewards and sales commission. Compensation can also include non-monetary perks such as a company-paid car, company-paid housing and stock options. Compensation is an integral part of human resource management which helps in motivating the employees and

2 Explain the steps involved in designing a salary structure. List the components of pay structure.

Answer : Pay structure : A pay structure is a collection of pay rates or pay ranges. Structure setting and adjustment is the process of developing, adjusting, and maintaining a pay structure. Salary structures are a necessary part of effective management. They help make sure that the pay levels are externally competitive and internally fair.

Reason for developing a proper pay structure :

Salary structures are a necessary part of effective management. They help make sure that the pay levels are externally competitive and internally fair. Salary structures also allow companies to reward performance and development while controlling cost. Well-designed salary structures will attract highly skilled people to your company and keep them motivated within the

3 Define the term ‘wage’. Write a brief note on ‘wage policy’.

Answer : Components of wages :

Minimum wages need to be fixed in sweated industries & fair wage agreements need to be promoted in the more organized industries. Equal pay should be ensured for equal work. Wage differentials should be provided.

Remuneration should be linked to productivity.

1)      Fixing of minimum wages: The appropriate government shall fix the minimum rates of wages payable to employees employed in the industries specified in the schedule. Revision can take place once in five years. The minimum wage may be fixed at a rate.

2)      Minimum rate of wages: It consists of A

4 Explain the concept of ‘tax planning’ with an example. Explain its role in Compensation Benefits.

Answer : Here are some examples of tax planning by which an individual or firm can plan to reduce their tax liabilities.

Residential status: Sometime by better tax planning a taxpayer can avoid becoming resident in a particular year. The advantage of this is that if he is non-resident in a particular year, he is not liable to be taxed for his overseas income in India.

5 Define ‘reward management’. What are its aims? Explain the factors affecting reward management policies in service sector.

Answer : Reward management is about the design, implementation, maintenance, communication and evolution of reward processes which help organizations to improve performance and achieve their objectives.

Reward processes are based on reward philosophies and strategies and contain arrangements in the shape of policies and strategies and contain arrangements in the shape of policies, guiding principles, practices, structures and procedures which are devised and managed to provide and maintain appropriate types and levels of pay,

6 Who are ‘Expatriates’? What are the objectives of ‘Expatriate compensation’? Differentiate between Financial (extrinsic) compensation and Non-financial (intrinsic) compensation.

Answer : Negotiating expatriate compensation is a bit more complicated than figuring local compensation for residents. There are many financial effects which a transferring employee will want to take into consideration and will expect their employer to compensate for one way or another.

Objectives :

A company that decides to transfer an employee to another company such as Canada must be prepared to propose a compensation package that

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