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Salary can also be considered as the cost of hiring and keeping human resources for corporate operations, and is hence referred to as personnel expense or salary expense. In accounting, salaries are recorded in payroll accounts. [1] A salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed.
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.
Base salary is provided for doing the job the employee is hired to do. The size of the salary is determined mainly by 1) the prevailing market salary level paid by other employers for that job, and 2) the performance of the person in the job. Many countries, provinces, states or cities dictate a minimum wage. Employees' individual skills and ...
A pay grade is a unit in systems of monetary compensation for employment. It is commonly used in public service, both civil and military, but also for companies of the private sector.
The Indian government mandates that this payment be at the rate of 15 days salary of the employee for each completed year of service subject to a maximum of ₹ 2000000. [ 24 ] The Payment of Bonus Act 1965 , which applies only to enterprises with over 20 people, requires bonuses are paid out of profits based on productivity.
Pay bands (sometimes also used as a broader term that encompasses several pay levels, ranges or grades) is a part of an organized salary compensation plan, program or system. In an organization that has defined jobs, pay bands are used to distinguish the level of compensation given to certain ranges of jobs to have fewer levels of pay ...
Lockstep compensation or seniority-based compensation is a system of remuneration in which employees' salaries are based purely on their seniority within the organization. For example, in the legal profession, where this system is most commonly found, all law school graduates hired by a law firm who graduated in the same year receive the same base pay regardless of background, experience, or ...
In the British Raj, batta or bhatta or bat-ta was a banking term and a military term, meaning (i) an agio or disagio, (ii) a special allowance made to officers, soldiers, or other public servants in the field, and (iii) any additional or extra charge elsewhere. [1] The term is probably derived from Kannada bhatta (rice in the husk). [2]