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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.
A typical description of the salaryman is a male white-collar employee who typically earns his salary "based on individual abilities rather than on seniority." [4] Companies typically hire the salarymen straight out of high school, and they are expected to stay with the company until retirement, around the ages of 55 or 60. As a reward for ...
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.
The bonus amount varies from company to company and from year to year, but is generally several months' salary. For example, the 2012 summer bonuses for Japan Airlines employees were equivalent to two months' pay, while All Nippon Airways paid the equivalent of six weeks' pay. [ 2 ]
Under Article 49 of Japan's Constitution, Diet members are paid about ¥1.3 million a month in salary. Each lawmaker is entitled to employ three secretaries with taxpayer funds, free Shinkansen tickets, and four round-trip airplane tickets a month to enable them to travel back and forth to their home districts.
A traditional form of defined benefit plan is the final salary plan, under which the pension paid is equal to the number of years worked, multiplied by the member's salary at retirement, multiplied by a factor known as the accrual rate. The final accrued amount is available as a monthly pension or a lump sum, but usually monthly.
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]
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.