Client Relation Manager To Actuary
Autumn Jane
Workplace Happiness
+3 Others

Cite.Co is a repository of information and resources created by industry seniors and experts sharing their real world insights. Join Network
Dear Friends, Please answer my question, "Performance Appraisal and Salary Revision are same thing or different?". Santosh M.
Both are different. Performance appraisal is held at regualr intervals where in increments are linked to the performance of the employee concerned and thus peformance appraisals are individual in nature . Salary revision is the result of wage fixation through collective bargaining by the union usually after the expiry of the existing award or settlement on wage fixation. thus slary revision is universal in nature and is linked to factors like cost of living and industry norm etc.
HR & Labour Law advisor

Performance Appraisal is a process while Salary revision is the outcome of a Performance Appraisal. Both are key elements of a Performance Management System.

There are different reasons for salary revision:

1. Inflation driven revision - given to match cost-of-living

2. Service increment - usually a flat % given across the whole company; non-performance related. Item 1 may fall into this category.

3. Market catch-up revision - it is determined that the current pay structure of the company is lagging behind the market/industry, so an additional component (on top of the service increment) is given to catch-up with the market in order to be competitive.

4. Merit increment - additional component (on top of the service increment) given to recognise above-average performing staff.

5. Probation revision - when a company has a probation policy that state a salary revision of certain % or amount will be given if new hires successfully completed stipulated probation period.

6. Promotion revision - when a company has a promotion policy that state a salary upgrade (from one grade to another) to recognise an enlargement of job scope.

Have a positive weekend.

Autumn Jane

Dear Elders, Thanks for the info. I will be happy if you can send me a an ideal performance appraisal form for a restaurnat fast food company. Best Regards, John , KSA
We are providing actuarial consultancy in the area of employee benefits wherein compliance of Accounting Standards of the Institutes of Chartered Accountants is applied. Most important institute, in the Indian context, is The Institute of Chartered Accountants of India. The relevant accounting standard applicable to accounting for employee benefits issued by The Institute of Chartered Accountant of India is Accounting Standard-15 (Revised 2005) and some of the important employee benefits involving actuarial treatment are :-
Leave Encashment
Post Retirement Medical Benefits
Since annual financial statements such as Balance Sheet and Profit/ Loss Statement of your clients are at hand for the close of the financial year as on the services we deal in will be needed by you and we will be happy to provide our services if needed. For further details we request you to visit our website at www. mlsohiactuary. com
Tikaram Chaudhary

This discussion thread is closed. If you want to continue this discussion or have a follow up question, please post it on the network.
Add the url of this thread if you want to cite this discussion.

About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2020 Cite.Co™