Staff Remuneration Flashcards

Vocabulary flashcards based on lecture notes about staff remuneration, wage payment systems, and employee benefits.

Remuneration

Reward for employment in the form of pay, salary, or wage, including allowances, benefits, bonuses, cash incentives, and monetary value of noncash incentives.

Remuneration

The wage or salary paid to workers in cash or kind in consideration of the services rendered by them.

Wage payment systems

Methods adopted by organizations to financially compensate workers for their time and effort.

Time Rate System

System where remuneration depends on the time for which an employee is employed (hourly, daily, monthly, or yearly).

Total wages (Time Rate System)

Actual time taken x time rate, or total hours worked x wages rate per hour.

Piece Rate System

System where wages are paid to employees after completion of work, based on output.

Total wages (Piece Rate System)

Total output x wages rate per unit of output, or output units x unit rate, or actual yield x unit or piece rate.

Employee Provident Fund (EPF)

Statutory deduction done by the employer at the time of salary payment, governed by The Employee’s Provident Fund Act 1952.

Gratuity

Terminal benefit to an employee who leaves employment after working for the specified number of years or on the employee's retirement.

Gratuity Calculation

(Basic + DA) x 15/26 x number of years of service.

National Pension System (NPS)

System created to provide long-term monthly pension to employee after retirement and to his/her family after his/her death.

Group insurance

Insurance provided to all employees during their period of employment, with jointly paid premiums.

Pay Slip

A document showing net salary paid to an employee.

Payroll

A sheet with details of full payment information of all employees in an organization.

Sabbatical leave

A break from work where employees can pursue interests or take time off for physical and mental health reasons.

Casual Leave (CL)

Leave for urgent, unforeseen personal matters with prior permission; a paid leave.

Sick Leave (SL)

Leave availed in case of sickness; a paid leave with potential accumulation.

Privilege Leave (PL) / Earned Leave (EL)

Leave earned in the previous year and enjoyed in the next; a paid leave that can be accumulated and encashed.

Maternity / Paternity Leave

Leave given to employees with less than 2 surviving children; 180 days for maternity, 15 days for paternity.