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A pay scale (also known as a salary structure) is a system that determines how much an employee is to be paid as a wage or salary, based on one or more factors such as the employee's level, rank or status within the employer's organization, the length of time that the employee has been employed, and the difficulty of the specific work performed.
Executive compensation is composed of both the financial compensation ( executive pay) and other non-financial benefits received by an executive from their employing firm in return for their service. It is typically a mixture of fixed salary, variable performance-based bonuses (cash, shares, or call options on the company stock) and benefits ...
A pay band is sometimes used to define the range (band) of compensation given for certain roles. The range is based on factors like location (high vs low cost of living locations), experience, or seniority. Pay bands (sometimes also used as a broader term that encompasses several pay levels, ranges or grades) is a part of an organized salary ...
Pay Commission. Pay Commission is India's central government organisation set up by Government of India, which gives its recommendations regarding changes in salary structure of its employees. It was set up in 1947 and since India's Independence, seven pay commissions have been set up on a regular basis to review and make recommendations on the ...
The President of India has a net salary of ₹500,000 (US$6,000) per month, followed by the Vice President with ₹400,000 (US$4,800), and the Prime Minister at ₹280,000 (US$3,400). Governors receive ₹350,000 (US$4,200). The Chief Justice of India earns ₹280,000 (US$3,400) while Supreme Court judges receive ₹250,000 (US$3,000).
Broadbanding defined. Broadbanding is a job grading structure that falls between using spot salaries vs. many job grades to determine what to pay particular positions and incumbents within those positions. While broadbanding gives the organization using it some broad job classifications, it does not have as many distinct job grades as ...
Wage labour (also wage labor in American English ), usually referred to as paid work, paid employment, or paid labour, refers to the socioeconomic relationship between a worker and an employer in which the worker sells their labour power under a formal or informal employment contract. [ 1] These transactions usually occur in a labour market ...
Performance-related pay. Performance-related pay or pay for performance, not to be confused with performance-related pay rise, is a salary or wages paid system based on positioning the individual, or team, on their pay band according to how well they perform. Car salesmen or production line workers, for example, may be paid in this way, or ...