Affecting, determining and establishing pay rates

Compensation may be defined as money received in the performance of work, plus the many kinds of benefits and services than organisations provide their employees. Money is included under direct compensations (popularly known as wages i.e. gross pay): while benefits come under indirect compensation and may consist of life, accident and health insurance and employer’s contribution to retirement, pay for vacation or illness and employer’s required payments for employees welfare as social security.

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