According to Wikipedia, “salaries and wages are the sum of remuneration paid to employees, including the values of any social contributions, income taxes, etc., payable to employees.” It essentially is the monthly, or sometimes, weekly amount of money that the employees are getting paid by their employers because of their contract. One thing that all working people have in common, is the income tax that they have to pay, based on the amount of money that they earn, the more money you earn, the more tax you are going to pay. The income tax is not required to be paid by people that are either in full time education or are under the age of 18.
That being said, there is a difference between salaries and wages. On one hand, salary is usually associated …show more content…
Some might not be able to give an actual reward to the employees and only give a card, etc., however, in one way or the other, most organisations have incentive schemes.
A couple of examples in which the incentive schemes would be used are in retail shops or at an estate agency. In the retail industry, The perfume Shop for example, might use the incentive scheme as a bonus for everyone that manages to reach a specific set goal, such as a good Mystery Shopper score, etc. On the other hand, estate agencies are a tad different. They would still use the incentive scheme as a bonus, but they could also use it in a form of extra payment for selling the most houses, selling a house that was in a bad shape or even renting the most apartments.
As the name indicates, the time rate system is a wage payment system, that the employees are getting paid, based on the amount of hours that they spend working at the organisation. That being said, the employees working under this system, are getting paid the amount of hours multiplied with their wage rate. The wage is only based on the hours, not on performance or …show more content…
High day rate is when an employee receives higher pay rate then other however the person is required to keep high standard of work and he must be highly productive at all times.
Measured day work is when an employee receives fixed amount of pay for working to a set level of work performance.
A reward system is a procedure where an employee receives either extra pay like a bonus, or any other reward like vouchers, or a gift or any other benefit from the company for its excellent performance provided for the company.
If employees show extra effort or hard work to achieve an objective then they are likely to receive a reward for it and will appreciated by their managers.
If there is a shortage of staff in a certain area or department of work, they will be given a higher pay and more benefits.
For instance, If the college had a shortage of Mathematics teachers, the teachers in the maths department will be paid a higher salary than those that teach in a different field and have more staff. This is due to
That being said, there is a difference between salaries and wages. On one hand, salary is usually associated …show more content…
Some might not be able to give an actual reward to the employees and only give a card, etc., however, in one way or the other, most organisations have incentive schemes.
A couple of examples in which the incentive schemes would be used are in retail shops or at an estate agency. In the retail industry, The perfume Shop for example, might use the incentive scheme as a bonus for everyone that manages to reach a specific set goal, such as a good Mystery Shopper score, etc. On the other hand, estate agencies are a tad different. They would still use the incentive scheme as a bonus, but they could also use it in a form of extra payment for selling the most houses, selling a house that was in a bad shape or even renting the most apartments.
As the name indicates, the time rate system is a wage payment system, that the employees are getting paid, based on the amount of hours that they spend working at the organisation. That being said, the employees working under this system, are getting paid the amount of hours multiplied with their wage rate. The wage is only based on the hours, not on performance or …show more content…
High day rate is when an employee receives higher pay rate then other however the person is required to keep high standard of work and he must be highly productive at all times.
Measured day work is when an employee receives fixed amount of pay for working to a set level of work performance.
A reward system is a procedure where an employee receives either extra pay like a bonus, or any other reward like vouchers, or a gift or any other benefit from the company for its excellent performance provided for the company.
If employees show extra effort or hard work to achieve an objective then they are likely to receive a reward for it and will appreciated by their managers.
If there is a shortage of staff in a certain area or department of work, they will be given a higher pay and more benefits.
For instance, If the college had a shortage of Mathematics teachers, the teachers in the maths department will be paid a higher salary than those that teach in a different field and have more staff. This is due to