week 11 Flashcards
(20 cards)
A major factor in keeping skilled workers is an organization’s
organization’s compensation package system
is organized system that provides monetary —————- to employees in exchange for work performance
compensation
refer to the form of compensation paid by employers over and above regular salary or wages.
Benefits
are key parts of any compensation system, but most systems also include features such as incentives and employee benefit programs.
Wages and salaries
program refers to an official monetary plan designed to motivate and recognize employees’ performance.
INCENTIVE PROGRAMS
The use of incentive programs increased in the ?
1980’s
INCENTIVE PROGRAMS
are a typical incentive. Under such a program, employees who sell a certain number or amount of goods for the year receive a special payment, Employees who do not reach this goal earn no bonus.
INCENTIVE PROGRAMS
INCENTIVE PROGRAMS
distribute bonuses to all employees in a company based on reduced costs from working more efficiently.
Gain-sharing incentives
INCENTIVE PROGRAMS
are based on the company’s profitability level. Profits acquired over and above a specific quota are shared with employees
Profit-sharing plans
is a legal principle or concept stating that regardless of sex, employees should be compensated equally for jobs involving the same degree of skills, responsibilities, and effort performed on the job
Comparable worth
LAWS ON WAGES AND WORKING HOURS IN THE PHILIPPINES
as amended on minimum wage
PD 928
LAWS ON WAGES AND WORKING HOURS IN THE PHILIPPINES
as amended on 13th month pay
PD 851
LAWS ON WAGES AND WORKING HOURS IN THE PHILIPPINES
as amended on emergency allowance and social security laws like the Social Security Law
PD 525
known as the Minimum Wage Law, applies to employees in private enterprises, be they in agriculture, industry, or trade. Employees of religious, charitable, and educational organizations are also covered by the law
Republic Act 602
is the additional compensation payable to employee for services or work rendered beyond the normal eight hours of work
Overtime pay
Any work performed beyond the normal 8 hours of work in one workday is considered
overtime work
is the consecutive 24-hour period which commences from the time the employee starts to work and ends at the same time the following day.
Workday
rates depend upon the day the work is performed, whether it is ordinary working day, a special day, a holiday, or a rest day.
Overtime pay
an additional compensation equivalent to his regular hourly rate plus, at least, 25% thereof
For ordinary working day
an additional compensation equivalent to the rate for the first eight hours on a holiday or rest day plus, at least, 30% thereof.
For holiday, special day and rest day
