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Step 1: Determine the Organization's Compensation Philosophy. Step 2: Conduct a Job Analysis. Step 3: Group into Job Families. Step 4: Rank Positions Using a Job Evaluation Method. Step 5: Conduct Market Research. Step 6: Create Job Grades. Step 7: Create a Salary Range Based on Research.
Salary packages typically include your base salary as well as additional benefits, incentives or rewards, such as superannuation, annual and sick leave, car allowance or bonuses. With a salary package, money is usually deducted from your salary before tax for these items or services.
Salary packaging (also known as salary sacrifice or salary exchange) is the inclusion of employee benefits (also called fringe benefits) in an employee remuneration package in exchange for giving up part of monetary salary.
An annual salary is the monetary compensation that an employee receives in exchange for working for a year or a period of time roughly equivalent to a year. Salaries are denominated in the local currency and do not include side benefits.
Base pay is simply the starting point, while their annual pay includes everything else they might earn plus any benefits such as a health-care plan.
Basic salary is the figure agreed upon between a company its employee, without factoring in bonus, overtime, or any kind of extra compensation. Gross salary, on the other hand, includes overtime pay and bonuses, but does not consider taxes and other deductions. Say for instance, an employee's gross salary is Rs.
Section 17(1) of the Income tax Act gives an inclusive and not exhaustive definition of Salaries including therein (i) Wages (ii) Annuity or pension (iii) Gratuity (iv) Fees, Commission, perquisites or profits in lieu of salary (v) Advance of Salary (vi) Amount transferred from unrecognized provident fund to
Salary packages typically include your base salary as well as additional benefits, incentives or rewards, such as superannuation, annual and sick leave, car allowance or bonuses. With a salary package, money is usually deducted from your salary before tax for these items or services.
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