1. 909 SENTHUR POLYTECHIC COLLEGE NAMBIYUR
DEPARTMENT OF AGRICULTURAL ENGINEERING
4020610/INDUSTRIAL ENGINEERING AND MANAGEMENT
SEMINAR TOPIC
WAGE
SUMITTED BY
Deva Dharshini. S
22219971
3. Development of A Pay System
Review of Job Description
Conduct Job Evaluation
Pay Structure
Gather Wage Survey Information
Administer Individual Pay
Adjustments
Monitor & Upgrade Pay System
4. Factors Affecting Wage / Salary Levels
• Remuneration in comparable industries
• Firm’s ability to pay
• Relating to price index
• Productivity
• Cost of Living
• Union Pressures & Strategies
• Government Legislations
5. WAGES & SALARY ADMINISTRATION
DEFINITION WAGES & SALARY
• Base wages and salaries are defined as the
hourly, weekly and monthly pay that employees
receive for their work in an Organization.
• Can term it as compensation management.
• Thus, Wage & Salary Administration is the group
of activities involved in the
development, implementation& maintenance of
a pay system.
6. Purpose of Wage & Salary
Attracting talented resources
Retaining and motivating employees
Financial Management
Legal Requirements
8. Concepts of Different Wages
MINIMUM WAGES:
Minimum amount of remuneration paid to workes.
Under Minimum Wages Act 1948.
FAIR WAGES:
Workers performing work of equal skills, difficulty or unpleasantness
should receive equal or fair wages
Match the prevailing wage rates
LIVING WAGES:
Living wages should enable the male earner to provide for himself and his
family, not only the bare essentials of food, clothing and shelter, but also a
measure of frugal comfort including:
Education for the children , Protection against ill-health ,Requirements of
essential social needs , A Measure of insurance against the more
important misfortunes including old age
