Wage & Salary Administration

hello
can any one tell me defination , goal , significance of wage and salary administration? and diffrence between wage and salary?

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Dear Aditi,
Pl refer ID Act to see the defn. of wages.
Normally, the remuneration paid to worker , paid daily or weekly or monthly, called as Wages.
Monthly remuneration to staff catagory called as Salary.
regs,
Bhushan

hello frand........

may i m able to give d answer of ur query

MEANING OF WAGE AND SALARY

All remuneration capable of being expressed in terms of money, which would, if the terms of employment expressed or implied were fulfilled, be payable to a worker in respect of his/her employment, or of work done in such employment.

Wage represent hourly rates of pay, and Salary refers to the monthly rate of pay, irrespective of the number of hours put in by an employee. They differ from employee to employee, and depend upon the nature of job, seniority and merit.

Generally both the terms are taken as similar and same but there is some difference which we have discussed below.

IMPORTANCE OF WAGES

1. Wages are most important component of labour costs, which also include non-wage costs such as employers social contributions and taxes.

2. Wages represent an important variable taken into account by

employers in their attempt to improve their competitive position in national and international markets.

3. Importance of wages within labour costs, collecting information

on the different components of labour costs while identifying how far they influence employers decision with regard to employment,

investment and capital relocations.

4. It may be direct use of governments, trade unions and employers

to better understand the role played by wage and labour costs in a highly competitive and globalized environment.

Difference between wages & salary
Wage usually refers to an hourly rate, and salary to a weekly or semi-honthly rate. So if a wage earner works 40 hours one week and 45 the next week, he gets paid more for the second week. A salaried worker works long enough to get the job done and usually gets the same pay every payday.
Advantage of salary wage
Salary workers tend to get better benefits. They also get paid time off, which isn't always true for hourly workers. They don't have to punch a time clock.
And the salary is a fixed amount every pay period, which makes it easier to set a budget. Usually people checking credit prefer to see a salary, which provides a consistant pay check without any fluctuations due to schedules changes and illness, etc.
On the plus side, hourly workers get paid for overtime.