Wages and Salary[1]-23

8/12/2019 Wages and Salary[1]-23

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DECLARATION

I, the undersigned, hereby declare that the Project Report entitled

Wages & Salary Administration written and submitted by me to the

ni!ersity o" Pune, Pune in partial "ul"illment o" the re#uirements "or the

award o" degree o" $aster o" Personnel $anagement, under the guidance

o" Pro"% R% % Ratnawat is my original wor' and the conclusions drawn

therein are based on the material collected by mysel"%

Place( )ona!ala *Amrita 'umari+

ate( -.thsep/0 Research Student

1


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ACKNOWLEDEMENT

2he main objecti!e o" summer training 3 cum project is to pro!ide us

with opportunity to e4perience the practical aspect o" management in any

organi5ation i%e% chance to get into the "ield o" organi5ation and it6s

"unctioning% uring this project I ha!e been "ortunate to get this

opportunity to study not only a good organi5ation6s "unctioning but also

to get the guidance o" some highly e4perienced e4ecuti!es%

I e4press my deep sense o" gratitude to our

irector r% Parag 7al'er and Project guide Pro"% R% % Ratnawat "or

their continuous support during my project wor' % 2his project would

not ha!e been completed without their !aluable support and guidance%

I hereby, deeply e4press my gratitude to AR2I8I9IA)

)I$:S $A;8A92RI; 9


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Place( Pune Amrita 7umari

ate( -.thsep/0

INDEX

S.No. TOPICS PAGE NO.

1 ACKNOWLEDGEMENT

2 LIST OF TABLE

3 LIST OF FIGURE

4CHAPTER 1:-

INTRODUCTION

5 CHAPTER 2:-PROFILE OF THE ORGANIATION

! CHAPTER 3 :-RESEARCH DESIGN AND

METHODOLOG"

# CHAPTER 4:-DATA ANAL"SIS ANDINTERPRETATION

$ CHAPTER5:-FINDINGS ANDSUGGESTION

>


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EXECUTI%E SUMMAR" OF THE PRO&ECT

2his Project is an o!erall implementation and understanding o" Wages &

Salary Administration in Arti"icial )imbs $anu"acturing 9orporation o"

India% 2he idea behind selection o" this project is mainly due to its

nature and importance in the o!erall ?$A; R@S


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2his research wor' is purely based on sur!ey o" the "acts and

"igures%

CHAPTER 1

INTRODUCTION

B


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1.1 B'()* T+,o,)*'/ Co0*,( '0 Co0,( o +, To)*

DEFINITION

Wages and Salary Administration or Reward $anagement is concerned

with the design, Implementation and maintenance o" remuneration

system that help an organi5ation to achie!e its objecti!es%

WAGE

Wages are gi!en to blueCcollar employees% It is generally "i4ed on daily

basis% It does not include wee'ly o""%

SALAR"

Salary is generally "i4ed o!er a monthly period% It is gi!en to permanent

employees in an organi5ation% It is gi!en to whiteCcollar employees%

Salary generally includes basic plus all type o" allowances%

D


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W',( represents hourly rates o" pay, and ('/'6 re"ers

monthly rates o" pay, irrespecti!e o" the number o" hours put in by an

employee% Wages and salaries are subject to annual increments% 2hey

di""er "rom employee to employee, and depend upon the nature o" job,

seniority, and merit%

Co0*, o W',(

While e!ol!ing wage policy, three concepts o" wages, namely

*a+ $inimum Wages

*b+ 8air Wages

*c+ )i!ing Wages

are generally considered% 2hese are broadly based on the needs o" the

wor'ers, capacity o" the employer to pay, and the general economic

conditions pre!ailing in a country%

*a+ M)0)787 W',( : $inimum wages is the one which pro!ides not

merely "or bare (8(,0'0*,o" li"e, but also "or the preser!ation o"

the e""iciency o" the wor'er% 8or this purpose, the minimum wage

must also pro!ide "or some measure o" education, medical

re#uirements and amenities% M)0)787 9', 7'6 , ), 6 '0

E


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',,7,0 ,9,,0 +, 7'0',7,0 '0 +, 9o;,(< 8 )(

8(8'//6 ,,7)0, 6 +, /,)(/')o0%

*b+ F') W',(: 8air wage is the wages "i4ed between the minimum

wage and li!ing wage% T+, *o77),, o0 F') W',(, in their

report as early as 100, concluded, while the lower limit o" the "air

wage must ob!iously be the minimum wage, the upper limit is

e#ually set by what may broadly be called the capacity o" industry to

pay%

*c+ L)=)0 W',( : )i!ing wage is a step higher than "air wage% )i!ing

wage may be described as one which should enable the wage earner

to pro!ide "or himsel"Fhersel" and hisF her "amily not only the bare

essential o" li"e but a measure o" "rugal com"ort too%2he concept o"

li!ing wage, there"ore, !aries "rom country to country%

In India, minimum wage is determined mainly "or sweated industries

under the pro!ision o" the $inimum Wages Act, 10.% 8air wage is

"i4ed "or other industries considering pre!ailing rates o" wages,

producti!ity o" labour, capacity o" the employer to pay, le!el o" national

income and other related "actors%

O>,*)=,(

.


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2he primary aim o" wages and salary administration is to rein"orce the

dri!e to impro!e organi5ational per"ormance%

@""ecti!e Wages and Salary Administration would help in

achie!ing the "ollowing objecti!es(

a+ Reduce ine#uities among employees earnings, thereby raising

indi!idual morale and also reduce inter group "riction%

b+ $oti!ate people to wor' "or pay increases and promotions%

c+ Reduce employee grie!ances%

1.2 L),'8, R,=),9

8or the preparation o" the project report "ollowing literatures ha!e been

re!iewedC

Research $ethodology *$ethods & 2echni#ues+ byC. R. Ko+')%

?uman Resource & Personnel $anagement by ;. A(9'+''%

?uman Resource $anagement by C. B. G8'%

$aga5ine o" A)I$9


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Goo/,.*o7


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CHAPTER 2

PROFILE OF THE ORGANIATION

2.1 N'7,< A,(( '0 Lo*')o0 o +, Co7'06

NAME( A))*)'/ L)7( M'08'*8)0 Coo')o0 o I0)'%

ADDRESS( R,)(,, @ H,' O)*,

%2 Road 7anpur *%P+

PinC -/./1D

@CmailC alimco!snl%net

LOCATION(

11
mailto:[email protected]:[email protected]:[email protected]:[email protected]


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REGIONAL MARKETING CENTERS '0 DISABILIT"

REHABILATION CENTERS(

NEW DELHI

9F< Social Gustice 9enter

$ahila Imdad 9ommittee,

FDD, $ancheswar Industrial Area,

:hubaneshwarC EB1/1/

BANGALORE

Regional $ar'eting & isability

1-


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Rehabilitation 9entre, A)I$9, Industrial Suburb,

Heshwantpur, 2um'ur Road,

:angaloreCBD//--

&ABALPUR

Plot ;o% /, 1/D and 1/E

Richhai Industrial Area, GabalpurC .-/1/

GUWAHATI

A)I$9<


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e!elopment o" cost e""ecti!e aids and appliances "or the

handicapped "rom rural and remote areas%

pgradation o" ?uman Resource S'ill%

MISSION

R@S2


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arti"icial limbs components & rehabilitation aids and by promoting,

encouraging & de!eloping the a!ailability, use, supply and distribution

o" arti"icial limb components & rehabilitation aids o" high #uality to the

needy, disabled o" the country at reasonable cost% A)I$9< comes under

M)0)(6 o So*)'/ &8()*, @ E7o9,7,0.

2he (o0, o ALIMCOwas laid down on Sunday 1.th

;o!ember 10E> by the /', P)7, M)0)(, S7. I0)' G'0+).2he

organi5ation started manu"acturing disability aids in 10ED and brought

about the concept o" mass manu"acturing o" module limb components to

reduce the time o" "abrication o" prosthesis & orthosis and cost o"

production o" all !arieties o" aids and appliances% A)I$9


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eneral $anager

*


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D,'7,0(

C.M.D CSri S% 7% $u'herjee

G,0,'/ M'0', C Sri S% 7% Sa4ena

A7)0)(')o0 P@A C Sri =%7%2ri!edi, $anager

M';,)0 C Sri $%9% ubey *Sr% $anager+

APOC C r% 7%P%aur

8'/)6 Co0o/ C Sri $anish 7othari

F)0'0*, C Sri :%7%$ishra

H,')0 A) C Sri A% 7% Singh

Po8*)o0 C Sri ?%;% Sharma

M',)'/ M'0',7,0 C Sri :%)%Wadhwani

Co78, S,*)o0 C Sri P% 7% Sri!asta!a

Po8*)o0 S,=)*,( C Sri Ramesh 9handra

E0)0,,)0 S,=)*,( C Sri A% 7% Sri!asta!a

M')0,0'0*, D,'7,0 C Sri A% 7% Sri!asta!a

D,()0)0 @ D,=,/o7,0 C Sri A% 7% Sri!asta!a

2.! O'0)?')o0'/ Chart of the Personnel & Administration

Department

1E

M'0', P@A

M. %. K. T)=,)


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1.

S. S,0o o M'0',

P@A

D,86 M'0', P@A

M)(( N,,/8 D9)=,)

P,(o00,/ O)*,S. (,0o B/'0;

S. A((. 1.S) %. N. D))

2.S7. K.K.P'0,6

3.S) M.K.D))

4.S) N.K.S)0+

&. A((. 1.S) A7) S)0+

C+'(, 1.S) &')'/ S)0+

C/,; 1.S) S8,0' S)0+

A7)0)(')=, O)*,

M'/)< S,*8)6 o)*, 9)+

S' @ S'');'7'*+')

S. S,0oS. A((. S) S. ;. M'00'

U0(;)//, Wo;,B/'0;+

S. A(()('0


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2.# D),,0 Po8* Po)/, o +, O'0)?')o0

ALIMCO manu"actures 355 6,( o" aids & appliances o" !arious

categories%

i""erent categories o" products being manu"actured by A)I$9< are

"or(C

1.


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. Mo)/)6 A)(:-

Wheel 9hairs

2ricycles

A4illa & @lbow 9rutches

Wal'ing Stic'

2. %)(8'//6 H'0)*',:-

:raille Short ?and $achine

:raille Slate

Wal'ing cane & stic'

>% H,')0 H'0)*',:-

?earing Aids in $ild $oderate & Strong category

4. I00o=')o0( @ R,(,'*+:-

A)I$9< in its endea!our to bring new technology products has

de!eloped range o" new products which includes production o"C

Poly Propylene based Abo!e 7nee & :elow 7nee Prosthetic

Systems

8loor Reaction


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Poc'et 2ype ?earing Aid*:IS 9erti"ied+

@lectric ?and

)ight Weight 8olding Wheel 9hair

:attery


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A)I$9< has been awarded by the 8ederation o" Indian 9hambers o"

9ommerce & Industry "or O8('0)0 A*+),=,7,0in training and

placement o" disabled persons%

2.1 O+, R,/,='0 I0o7')o0 o +, O'0)?')o0

1. A)I$9< is an IS< 0//1( -/// 9ompany%

2. 2iming o" the 9oming 0%ooa%mCB%//p%m

3. It is the largest manu"acturing persons with disabilities%

$. A)I$9< has transitioned into a product, ser!ice & solutions

9ompany "rom generally a manu"acturing 9ompany in the Past%

. It pro!ides aids, appliances and component to 1 million disabled

persons in the country e!ery year%

--


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1.A)I$9< has earned goodwill "or the country by pro!iding

Arti"icial limbs o 1 /'0 7)0, =)*)7( o A+'0)('0in only

one month and by establishing a limb "itting centre there including

training to local artisans%

11.9ustomers o" A)I$9


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CHAPTER 3

RESEARCH DESIGN @ METHODOLOG"

R,(,'*+ is an organi5ed and systematic way o" "inding answers to

#uestions through the application o" scienti"ic procedures%

R,(,'*+ M,+oo/o6 is a way to systematically sol!e

the research problem% It has many dimensions and research method does

constitute a part o" the research methodology% Research $ethodology

-


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includes !arious steps% 2here should be systematic way o" data collection

and presentation o" the project report% Proper decisions ha!e to be ta'en

based on data collected

3.1 R,(,'*+ D,()0

R,(,'*+ D,()0 is the conceptual structure within which research is

conductedJ it constitutes the blueprint "or the collection, measurement

and analysis o" data%

8or the project report E/o'o6 R,(,'*+ D,()0 has

been used% 2he main purpose o" e4ploratory research is o" "ormulating a

problem "or more precise in!estigation% 2he major emphasis in such

studies is on the disco!ery o" ideas and insights%

3.2 S'7/)0 D,()0

A ('7/, ,()0is a de"inite plan "or obtaining a sample "rom a gi!en

population% As there are !arious departments in A)I$9< and the total

numbers o" employees wor'ing in A)I$9< are B, it was not

practically possible and "easible to collect in"ormation and data "rom

each o" them% So "or the project report KPo')/)6 S'7/)0 M,+o

has been used, to gather and collect in"ormation% In this sample design

each and e!ery item in the population has an e#ual chance o" inclusion in

the sample% In this sampling design, the population must be clearly

de"ined%

3.3 Po8/')o0 S)?,

-B


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c+ In"ormal tal's with nonC e4ecuti!e personnel%

S,*o0'6 D''

I re"ers to the data which has already been collected and analysed by

someone else %U0, S,*o0'6 D'' Co//,*)o0


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CHAPTER 4

DATA PRESENTATION< DATA ANAL"SIS AND

INTERPRETATION

D'' P,(,0')o0

While wor'ing on the project titled Wages & Salary Administration in

A)I$9


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nature o" wor', bonus, "acilities under @SI Act 10. to retirement

bene"its, pension scheme etc%

S'/'6 (8*8, o ALIMCO:

E'0)0 D,(*))o0

B'()* P'6-

S,*)'/J P,(o0'/ P'6 - B/ o" basic pay

D,'0,(( A//o9'0*, R',(

8or


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I08()'/ D.A- 0E%> o" *basic payN dearness pay+ OB/

C+)/,0 E8*')o0 A//o9'0*,- 1-/ "or - children till 1/N-

Ho8(, R,0 A//o9'0*,- -B o" *basic pay N special pay+

C)6 Co7,0('o6 A//o9'0*,--/ Rupees

W'(+)0 A//o9'0*,- ./ Rupees per month, e4cept o""icers

>/

9ode ;o%/1 Sta"" &Wor'er

9ode ;o%/ Sta"" &Wor'er

9ode ;o%/B ns'illed Wor'er


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T'0(o

S8()6-

D,8*)o0

2otal deduction cannot e4ceed more than B/ o" o(( ('/'6%

W', S8*8, o ALIMCO

:asic PayN Special PayN %AN ?%R%AN 9%9%A

$onth

1 '6 9',

S,0+ o E7/o6,,( '( o0 3+ A)/ 2

S,)'/

No.

P')*8/'( A8+o)?, SC ST OBC OC To'/

1. O)*,(

)0*/8)0

CMD@ GM

#5 5 - 5 3! 4!

2. Fo,7'0 @

S8,=)(o(

3# 2 - # 14 23

3. S'J

Wo;7,0

43$ $3 3 4 25 3$5

>1

8or cycle 1- Rupees

8or scooter -B Rupees

8or car B/ Rupees

O0/6 o0 9o;)0 '6(


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To'/ 55 3 1! 255 454

N87, o M'/, @ F,7'/, E7/o6,,( )0 To'/ Wo;o*,

Chart 1

Male 95%

Female 5%

N87, o D)('/, E7/o6,,( )0 To'/ Wo;o*,

Chart 2

Normal 91%

Disabled 9%

Co0'* Wo;,(

In A)I$9< around >B o" wor' is done through contract basis% It

means contract wor'ers constitute around >B o" the total wor'"orce%

>-


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Chart 3

Contract basis 35%

Regular basis 65%

M)0)787 W',( o Co0'* Wo;,(

F)0'0*, D,'7,0 loo's a"ter the'6o//%

InALIMCO o=,)7, )( 0o '//o9, '( , +, Go=,07,0 8/,(.

In ALIMCOemployees also getC'0,,0 S8()6. 2hey get an amount

o" R(. 22% 2his "acility can be a!ailed only on the wor'ing days%

M)0)787 B'()* W',(

2he minimum basic wage will be Rs% >.B/FC as basic pay% B8,'8 o

P8/)* E0,)(,(re!iew the wage structure o" A)I$9>

C',o6 W',(

ns'illed Wor'ers 11 Rs% Per ay

SemiC s'illed 1>/ Rs% Per ay

S'illed 1 Rs% Per ay

Go8 P'6 S*'/,

A >.B/C0BCBEB/

: >0//C11/CD1//

9 /-/C1-BCDB-/

1B/C1>BCD.B/

@ DB/C1/CEB/

8 BB//C1B/C.B//

B0//C1D/C01//

? D1//C10BC1/,///


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Fo O)*,( P'6 S*'/,

G', O)*,( P'6 S*'/,

@C/ Gunior o""icersF engineer DB//C-//C11>B/

@C1 Asst% engineerF o""icers .D//C-B/C1D//

@C- Asst% managerF senior

o""icer

1/EB/C>//C1DEB/

@C> eputy $anager 1>///C>B/C1.-B/

@C $anager 1B//C>B/C1.EB/

@CB Senior $anager 1D///C//C-/.//

@CD eputy $ C@CE eneral $anager 1.B//CB/C->0//

Pay Scale o"CMD- -E>//

P'67,0 T)7)0

T,*+0)*'/ S'gets salary on the last day o" the month%

And all the O+, E7/o6,,( get salary on the "irst day o" the

month%

2he )(8(,7,0 o ('/'6 is done through the S', B'0; o

I0)' "or all employees e4cept contract wor'ers%

A,0'0*,

>


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T)7, O)*, 'eeps the attendance record o" all the sta"" & wor'ers,

super!isors, "oreman%

?e also maintains absenteeism record% C'(+ '9' is gi!en "or good

attendance%

Co7'06 S,*,'6 'eeps the attendance record o" o""icers%

Fo +, *'/*8/')o0 o ('/'6< ',0'0*, )( *o80, o7 21( o +,

7o0+ o 220

o +, 0, 7o0+%

C'(+ A9' o Goo A,0'0*,:

9ash award o" Rs% >//FC will be paid to those employees e!ery #uarter

who remain continuously physically present during the #uarter in the

9orporation% 2he award will be paid #uarterly i%e% in the month o" M'6

years, he will be gi!en one stagnation increment "or e!ery > years ser!ice

a"ter stagnation% 2he ma4imum number o" stagnation increment will not

be more than > times%

FRINGE BENEFITS

>B


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;early e!ery organi5ation in our country pro!ides bene"its and ser!ices

to its employees% 2o hold that a bene"it is a "ringe, three criteria need to

be "ul"illed(

1% It should be computable in terms o" money%

-% 2he amount o" bene"it is not generally predetermined%

>% ;o contract, indicating when the sum is payable, should e4ist%

In A)I$9< too according to these +,, *),)', many items are

included in the category o" "ringes% 2hey are as "ollowsC

1% )ea!e Rules

-% $edical Rules

>% @mployee State Insurance

% )ea!e 2ra!el 9oncession

B% 2ra!elling Allowance

D% :onus

E% Pension

L,'=, R8/,(

In A)I$9< employees get D types o" lea!es, and they are as "ollowsC

1. @arned lea!e

2. ?al" pay lea!e or medical lea!e

3. )ea!e without payF 9ompensatory lea!e

4. 9asual lea!e

>D


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5. Special casual lea!e

!. $aternity lea!e

1. E'0, /,'=,: @arned )ea!e shall accrue to an employee at the rate

o" o0, 9+o/, '6 o ,=,6 ),,0 '6( spent on duty%

2he ma4imum period o" @arned )ea!e which can be accumulated by

the employee shall be >// days%

2he ma4imum @arned )ea!e which can be sanctioned at a time

shall not e4ceed D/ days%

@arned )ea!e will not be granted more than si4 times in a year%

2.H'/ '6 /,'=, o 7,)*'/ /,'=,: ?al" Pay )ea!e shall accrue to an

employee at the rate o" one whole day "or e!ery -/ days on duty%

?al" Pay )ea!e may be granted on medical grounds only%

2he ma4imum period up to which hal" pay lea!e can be accumulated

shall be 0/%

3. L,'=, 9)+o8 '6JCo7,0('o6 /,'=,: @4traC


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5. S,*)'/ *'(8'/ '6: Special 9asual )ea!e up to a ma4imum o" B

days in a year may be granted to an employee at the discretion o" the

competent authority "or participation in cultural, sports and other

occasions%

6.M',0)6 /,'=,: $aternity )ea!e may be granted to women

employees "or periods which may e4tend up to 0/ days%

E0*'(+7,0 o L,'=,:

E'0, L,'=, e4ceeding >/ days standing to the credit o" an employee

and up to a ma4imum o" >/ days may be enchased at the lea!e salary

rate% 8or the purpose o" encashment o" @arned )ea!e, there should be a

minimum o" D/ days accumulation to the credit o" an employee%

B'()* '6 S,*)'/ P'6 D.A

3

M,)*'/ R8/,(

$edical Rules shall apply to all the employees o" the 9orporation other

than casual employees and those co!ered under @SI scheme%

1. In case the employee o" the 9orporation or member o" hisFher "amily

undergoes treatment in any +o()'/< 08()0 +o7, o o+,9)(,,

>.


39/64

the medical e4penses will be borne by the 9orporation in "ollowing

manner(

' In case o" employee or member o" hisFher "amily undergoes indoor

treatment in a+o()'/ entire medical e4penses will be allowable on

actual basis e4cept operation charges%

0


40/64

T'=,//)0 A//o9'0*,(

Railway "are "or '),0 '0 o0, ',0'0will be admissible to an

employee as per hisFher entitlement under 2ra!eling Allowance Rules "or

undergoing medical treatment o" himFhersel" or members o" hisFher

"amily "rom the place o" posting to the re"erred place% ?owe!er, )o

'o='/ o C+')7'0 '0 M'0')0 D),*owill be re#uired "or all

such !isits "or outstation treatment%

/

C',o6 o ,7/o6,,( A**o77o')o0 J B, J Roo7

,0 *+',(

:asic pay p to Rs% 0///FC Room up to Rs%>B/FC per ay

:asic pay abo!e Rs% 0///FC Room up to Rs%B/FC per ay

9hairman & $anaging irector Actual

M,)*'/ A//o9'0*, A7o80

$a4imum 1B///FC

$inimum .///FC


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only during bene"it period% 2hus, an employee gets these bene"its only

a"ter joining employment and paying contribution%

ESI o,( ,0,)( (8*+ '(:

$edical :ene"it

Sic'ness :ene"it

$aternity :ene"it

isablement :ene"it

@tc%

L,'=, T'=,/ Co0*,(()o0

2he o>,* o +)( 8/, is to grant, as a wel"are measure, tra!el

concession to the employees o" the 9orporation and their "amilies o0*,

)0 ' /o*; o 9o 6,'( "or journeys to their ?ome 2own, or to Any


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E0*'(+7,0 o LTC o +, ,,0 o #5o" the cash !alue "or the

entitled class "or the distance o" 1B// 7ms each way will be entitled

"or sel", spouse and two dependant children only once in a bloc' o"

"our years%

Mo, '0 C/'(( o A**o77o')o0 A=')/'/,

T'=,//)0 A//o9'0*,

8or $embers o" the :oard & eneral $anager actual boarding &

lodging e4penses will be paid%

D.A R',(

>

C',o6 o E7/o6,, A**o77o')o0

rawing a pay o" Rs%B,B//FC and

abo!eA9 - 2ier

rawing a pay o" below

Rs%B,B//FC

Sleeper 9lass

B'()* P'6 G', Mo, D.A R',( Ho,/ C+',( *o0=,6'0*,

O)*,( Wo;7,0 P. *)6 O+,

*)6

P. *)6 O+,

*)6

1$5 '0

'o=, I

A)JAC

R'>+'0)J

T')

3 24 $5 # A*8'/

1!-1$5 II A)J II ACR'>+'0) 25 2 # 5! A*8'/

$!- 1!1-

1!

III II AC J AC3

R'>+'0)2 1! 5 4 A*8'/

!55-$! !$5-1 I= II AC J 1(

*/'(( 15 12 35 2$ #5

42-!55 415-!$5

=

IJ IIIAC

J S+'') #5 25 2 !

B,/o9 42 415 =I II clas(#5 ! 1 $ 45

A='0*, 1 #5 1


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Bo08(

In accordance with the Payment o" :onus *Amendment+ > o" salary or Rs% 1//FC whiche!er is higher%

2he abo!e payment shall not be made to those employees whose salary

e4ceed Rs% 1////FC per month% 8or the purpose o" 9alculation o" bonus

M .%>> the ma4imum salary shall be ta'en at Rs% >B//FC per month%

Bo08( )( ,)0 )=,0 o0/6 o +, 9o;,(.

P,0()o0

Pension is gi!en to the employees according to E7/o6,, P,0()o0

S*+,7, 15%

8or e4ample, i" someone6s salary is 10D-%D/% 2hen there will be 1-

contribution "rom both employee and employer to the pro!ident "und

scheme% 2hen .%>> o" @mployer6s contribution will be di!erted to

D.A R',( A//o9, A7o80

)ess than D hours -/

Abo!e D hours less 1- hours B/

Abo!e 1- hours 1//


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E7/o6,, P,0()o0 S*+,7, 15*i%e%, to S', P,0()o0 S*+,7,+ and

the rest amount will go to the 8(.$.33 )( *'/*8/', o0 +, '7o80

o R( !55FC

R,),7,0

In A)I$9< the retirement age o" employees are D/ years% A"ter

retirement the employees get !arious bene"its% 2hey are as "ollows(C

ratuity Amount

@arned )ea!e *not more than >//+

Pro!ident 8und Amount

Salary o" last month

T'

2a4 is being deducted according toFo7 No. 1!%

G'8)6

@!ery ,7/o6,,*other than an apprentice+ irrespecti!e o" his wages is

entitled to recei!e ratuity a"ter he has rendered *o0)08o8( (,=)*, o

7o, +'0 5 6,'( o 7o,, according to T+, P'67,0 o G'8)6

A* 1#2%

ratuity Payable

B

Wages earned @mployee @mployer RP89 2rust

10D-%D/ 1E0D 1E0D B1 1-BB


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1% Payable at the time o" termination o" his ser!ices%

-% %


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,7/o6,,% 2he employees contribution must be deducted "rom his

earnings%

Po=),0 F80 B,0,)(

A Pro!ident 8und gi!es bene"it to both employee and employer%

B,0,) o E7/o6,(

@mployers can use the bene"its o" a pro!ident "und to attract and

retain !aluable sta""%

@mployees are moti!ated to wor' longer term "or the 9ompany%

It helps employers create li#uidity%

B,0,) o E7/o6,,(

It is a secure sa!ings plan%

Pro!ident "unds "ollow a low ris' in!estment strategy%

2he "unds are managed by :ang'o' :an'6s pro"essional "und

management team%

E


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D'' A0'/6()( '0 I0,,')o0

1. Are you satis"ied with your wor' or post on which you are wor'ingQ


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I0,,0*,:

According to this "igure E/ o" the employees are satis"ied with their

e4isting post while >/ o" the employees are not satis"ied%

-% Are you satis"ied with your salaryQ


50/64

According to this "igure ./ o" the employees are satis"ied with their

salary while -/ o" the employees are not satis"ied%

3. Are you satis"ied with the wor'ing en!ironment in A)I$9


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I0,,0*,:

According to this "igure .E%B/ o" the employees are satis"ied with their

salary which they are getting in accordance with the nature o" their job

while 1-%B/ o" the employees are not satis"ied%

5. A"ter retirement the pension which you get according to E7/o6,,

P,0()o0 S*+,7, 15, are you satis"ied with the schemeQ


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I0,,0*,:

According to this "igure >E%B/ o" the employees are satis"ied with the

pension which they are getting but D-%B/ o" the employees are not

satis"ied because the amount which they are getting is !ery low%

!. id the 9ompany gi!e you bonus any timeQ


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According to this "igure B/ o" the employees are getting the bonus

while B/ o" employees are not getting the bonus because in A)I$9

Wages and Salary[1]-23

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Transcript of Wages and Salary[1]-23