The EMPLOYEE in an organization is entitled to have several benefits both financial and non-financial. The remuneration consists of several components such as:

Wages and salary:

Wages represents the hourly rate of PAY and salary is the monthly rate of pay. These are bound to include the annual increments and these DIFFER from employee to employee depending on the nature of the JOB and merit. 

• Incentives: These are also termed as payments by results and it is paid in addition to wages and salaries. 
• Fringe Benefits: this includes the benefits OBTAINED by the employee like provident fund, granularity, medical care, hospitalization, etc.
• Perquisites: this includes the executives like company car or membership of the company.

The employee in an organization is entitled to have several benefits both financial and non-financial. The remuneration consists of several components such as:

Wages and salary:

Wages represents the hourly rate of pay and salary is the monthly rate of pay. These are bound to include the annual increments and these differ from employee to employee depending on the nature of the job and merit.