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If salary is currently below marketmedian range, ASR increase will be in the range
If salary is currently at market- median range, ASR increase will be in the range
If salary is currently above marketmedian range, ASR increase will be in the range
8% to 10% 5% to 7% 3% to 4.5% 0% to 2% 0%
Importance
A salary matrix can provide a relevant structure by which to assist a human resource department in establishing appropriate pay for both new hires & tenured employees. The employees will know how their pay fits into the schedule as well as their opportunities for future pay hikes. The staff will also see that the managers approach to setting salaries is unbiased. A salary schedule provides essential structure for practices that plan to expand or merge
FLSA
The objectives of this act involves: Minimum Wage. Child Labor Exempt & Non- Exempt status. Overtime Compensatory Time off Independent Contractor regulations. Equal pay & pay Equity,
Fixing Pay
Wages & Salary incomes in India are fixed through several institutions. They are: Collective Bargaining: It relates to those arrangements under which wages & conditions of employments are generally decided by agreements negotiated between the parties. Unions are concerned with: a. General level of wage rates b. Bonus, incentives & fringe benefits, Administration of wages.
Wage board decisions are not final & are subjected to either executive or judicious review.
Pay commissions: 1st: 1946- Conditions of service of central govt employees 2nd:1957-norms for fixing a need based minimum wage setup. 3rd:1973- System in which pay adjustments will occur automatically upon an upward movement in CPI. 4th: 1986-Examine structure of all central govt employees, including those in union territories. 5th: 1996-Recommendations regarding restricting of pay scales. 6th:2006
Adjudication by Courts & Tribunal: Courts & Tribunals were primarily intended to deal with the settlement of industrial disputes, in practice, wage fixation has become an important element in their work & functioning.
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