Wages and Salary Administration: An empirical study of Cbitss technologies, Chandigarh
Keywords:Pay system, Monetary compensation, Employment contract, Allowance
Wages and salary administration is the group of activities involved in the development, implementation and maintenance of a pay system. Wage is monetary compensation paid by an employer to an employee in exchange for work done. Payment may be calculated as a fixed amount for each task completed or at an hourly or daily rate. A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. Salary is a fixed amount of money or compensation paid to an employee by an employer in return of work performed. Wage and salary administration includes allowances, leave facilities, housing, travel etc and non cost rewards such as recognition, privileges and symbol of status. Wage occupies an important place in the life of an employee. The present study in CBitss Technologies Chandigarh study of wage and salaries administration helps to know whether the employees are rightly compensated for their work. It also helps to know whether the employees are satisfied with their wages and salaries. It is also important to know whether the company is following the right pay scale. To know various allowance, like washing allowance, stitching allowance, city compensatory allowance, perks allowance etc.
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