MS-27 /TMA/SEM - II/2016 - Wage and Salary

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ASSIGNMENT

Course Code                                                                      :                               MS - 27

Course Title                                                                       :                               Wage and Salary Administration

Assignment Code                                                            :                               MS-27/TMA/SEM - II/2016

Coverage                                                                             :                               All Blocks

Note: Attempt all the questions and submit this assignment on or before 31st October, 2016 to the coordinator of your study centre.

Question.1. Explain the concept and structure of compensation. Describe the functions and responsibilities of compensation programme of an organization you are familiar with.

Answer: Compensation can be defined as all of the rewards earned by employees in return for their labour. This includes:

·         Direct financial compensation consisting of pay received in the form of wages, salaries, bonuses and commissions provided at regular and consistent intervals

·         Indirect financial compensation including all financial rewards that are not included in direct compensation and can be understood to form part of the social contract between the employer and employee such as benefits, leaves, retirement plans, education, and employee services

·       Non-financial compensation referring

Question.2. Explain the purpose and application of the payment of wages Act, 1936. Describe the concept of deduction from wages and limits on the total amount of deduction can the fine be deducted from wages of an employed persons? If so, subject to what conditions.

Answer: The Payment of Wages Act regulates the payment of wages to certain classes of persons employed in industry and its importance cannot be under-estimated. The Act guarantees payment of wages on time and without any deductions except those authorised under the Act. The Act provides for the responsibility for payment of wages, fixation of wage period, time and mode of payment of wages, permissible deduction as also casts upon the employer a duty to seek the approval of the Government for the acts and permission for which fines may be imposed by him and also sealing of the fines, and also for a machinery to hear and

Question.3. What do you understand by the concept of wages, explain the concept of basic wage through examples. Why dearness is allowance an integral part of pay packet, explain how is it administered?

Answer: Compensation Management is the most important concept from the organisation's point of view. Today, it is the biggest problem for every organistion to retain and attract the employees. So, to remove these problems an organisation should have a deep knowledge about Pay-packet composition. Pay packet is a comprehensive term consists of several elements. Its compositions are - Basic wage, Dearness allowance, House rent allowance, City compensatory allowances, annual statutory bonus, Incentive, Bonus (Fixed Variable and variable), various other perks, Benefits, Medical, Conveyance Etc.

The pay-packet remains the important element of human resource management to retain and motivate employees. It is must for every organisation

Question.4. Define “incentives”. Bring out their advantages and limitations. Explain the various individual and group incentive plans and their respective merits and demerits.

Answer: Wageincentive refers to performance linked compensation paid to improve motivation and productivity. It is the monetary inducements offered to employees to make them perform beyond the acceptance standards.

According to the National Commission of Labour “

Question.5. Describe the tax planning for employee compensation in any organization you are familiar with. Explain the tax implications of employee compensation package to the employer and employees.

Answer: There are many federal, state, and local employment and tax laws that impact compensation. These laws define certain aspects of pay, influence how much pay a person may receive, and shape general benefits plans.

The Fair Labor Standards Act (FLSA) is probably the most important piece of compensation legislation. Small business owners should be thoroughly

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