Wage and Salary Administration

Wages and Salary Administration
Present by, Mosammat Rasheda Khanom Lipa

Contents page no. 1.0. Introduction 1 2.0. What is wages and salaries 1 2.1. Difference between wage and salary 1-2
3.0. Wage and salary administration 2
3.1. Nature and purpose of wage and salary administration 2-3
3.2. Principles of wage and salary administration 3-4
4.0. Types of wages 4-5
5.0. Factors affecting wages and salaries 5-6
6.0. Factors guiding wage fixation for industrial workers 6-7
7.0. Wage differentials 7-9
8.0. Methods of wage payment system 9
8.1. Conventional methods 9 b. Time rate 9-10 a. Piece rate 10-11
8.2. Incentives bonus methods 11 a. Personal or individual incentives bonus 12 b. Halsey plan 12 c. Rowan plan 12-13 d. Taylor’s differentials piece wage plan 13-14 e. Merrick’s multiple piece wage plan 14-15 f. Gantt’s task and bonus plan 15-16 g. Emerson’s efficiency plan 16-17
9.0 Wage theories 17
9.1. Substantial theory 17
9.2. The wage fund theory 18
9.3. Surplus value theory 18
9.4. The residual claimant theory 18
9.5. The marginal productivity theory 18
9.6. The bargaining theory of wages 18-19
9.7. Taussings theory 19
9.8. Behavioral theory 19-20
10.0. Conclusion 20
References

1.0 Introduction
Sound wage and salary administration is one of the most important managerial functions. Its importance is evident from the fact that a majority of union-management disputes relate to the question of wage payment. Wages and salaries are often one of the largest components of cost of production and as such have serious

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