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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.
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.
Construction workers, commonly regarded as working class, at work at St. Paul's Hospital Cardiac center in Ethiopia, 2017. The working class is a subset of employees who are compensated with wage or salary-based contracts, whose exact membership varies from definition to definition.
The Australian Salary Packaging Industry Association [7] is the professional body for outsourced salary packaging service providers. The Australian Taxation Office [ 8 ] administers Fringe Benefits Tax and the FBT Exemptions that facilitate salary packaging for employees of not-for-profit healthcare organisations and public benevolent institutions.
While many executives who take a one-dollar salary also choose not to take any other forms of compensation, a number earn millions more in bonuses and/or other forms of compensation. For example, in 2010–11 Oracle's founder and CEO Larry Ellison made only $1 in salary, but earned over $77 million in other forms of compensation. [34]
Members of Parliament have a base salary of ₹100,000 (US$1,200) plus other allowances. The Chief Ministers of Indian states have varying salaries, with Telangana 's Chief Minister earning the highest at ₹400,000 (US$4,800) per month.
An income bracket is a category of people whose income falls within defined upper and lower levels. [1] [2]In governmental planning, entire populations are divided into income brackets.
Ulterior division of the annual salary like the 15th or 16th-month salary, even if scarcer, can also be provided in the petroleum and banking industries. Netherlands: paid in November or December [18] [11] France: The 13th-month salary is not written in the law, but it is a common practise, and employers cannot change their habits of offering it.