Contents
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.
ALSO READ- What is Meaning of Obsolete Material |Causes, Treatment and Losses
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.
Related Links
- Meaning of Methods of Cost | Basic Methods of Costing
- What is meaning of Classification of Cost & elements of Cost | rules of Cost Accounting Standard
- What is Installation of a Costing System | Conditions and Factors
- What are the practical difficulties in installing cost accounting
- What is technique of Costing | Various techniques of Costing
- What is Material or Inventory Control | Techniques of Materials Control
- What is FIFO Method | advantages and disadvantages
- What is LIFO method | Advantages and Disadvantages
- What is Periodical or Annual Inventory Control System | Limitations
- Methods of Pricing Material Issues | Cost Methods
- What is Cost of Labour Turnover | Causes, Effects Classification
- What is meant by idle time | Definition, Causes, Control
- What is meaning of overtime work | Reason, Disadvantages
- HIFO method of inventory valuation |Advantages, Disadvantages
- What is two Bin System | Meaning of Bin Card and Specimen
- What is Meaning of NIFO Method | Advantages, Disadvantages
- What is Market Price Method or Replacement Price Method | Advantages, Disadvantages
- What is average cost method of Inventory valuation | Advantages and Disadvantages
- What is Meaning of Weighted Average Price Method | Advantages and Disadvantages
- Meaning of Material Losses | Types and Treatment
- What is Difference Between Waste and Scrap
- What is Meaning of Obsolete Material |Causes, Treatment and Losses
- What are Methods of Labour Remuneration | Advantages, Disadvantages
- What is Meaning of Piece Wage Rate Method | Advantages Disadvantages
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