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What is Meaning of Remuneration

Meaning of Remuneration
Meaning of Remuneration


Meaning of Remuneration

Any amount given to a person as consideration for his work, is called remuneration. The work efficiency of workers in any industry depends upon the amount paid as remuneration Proper pay package can attract the workers in a particular industry and also control the labour turnover from that industry.

From proper remuneration the workers remain satisfy, work attentively, do Very few strikes, make proper utilization of material and machines and enhance productivity.

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Thus, methods of wages payment play a very significant role in the prosperity of any enterprise. Satisfactory wages (remuneration) rate along with incentive plans are very helpful in enhancing work efficiency.

It is beneficial to employees and customers Employers get higher profits, employees get better wages, customers benefitted by reduced prices.

There is difference between worker’s remuneration and incentive wages Wages or remuneration is the reward of work and services while incentive wages hereby mean to improve the work efficiency and effectiveness of workers by giving extra facilities or bonus in terms of money.

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