Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what

you believe is great work. And the only way to do great work is to love what you do. If you havent found it yet, keep looking, and dont settle. As with all matters of the heart, youll know when you find it. ~ Steve Jobs

QUESTIONS

1. How far luck does influence pay? Identify an individual who has been lucky enough to be paid more to his desired. 2. Identify the wage policy in India?

3. Why university professor and admin. Staffs are not covered under incentive scheme? 4. From the internal & external force identify the once. Which create an impact on the following based remuneration, incentive & fringe benefits? Describe such impact of each and rank the force on scale of 1 to 5. (1= least important and 5= most important).

5. A Bangalore based software company was the first to introduce ESOP in India. Can you also assort the no of company in India who offering ESOP?

ANSWARES

1. How Far Luck Does Influence Pay?

In this we can say may or may not be because if person having good pay due to their then why he/she has to need to put their effort much more for achieving greater success, all the person having such of luck but they have to need so their potential abilities and saw their smart work for this.

E.g. If I am doing job in one MNCs as regional manager of Gujarat and I think for reaching
to the post of General manger of the company with better incentive plan which get by my same level manger. But I didnt put my potential effort and skill for achieving that desired things, and seat on the bases of LUCK than how can I achieve that. So Luck useful when I give 100%efoort for that. So in that we can take example of Film Aitraz in that Akshay Kumar want his self as a general manager but he got position of the MD of the company. so here we can say his work and Luck both work equally.

2. IDENTIFIES THE WAGE POLICY IN INDIA? Fist we understand difference of difference sector worker or employee are as below: Differences: Government, Public and Private sector workers. Government workers enjoy high level of job protection, trade union representation without collective bargaining rights. Public Sector workers enjoy trade union and collective bargaining rights. Private sector workers enjoy trade union and collective bargaining rights like public sector. Current trend to non-union workplaces Right to strike for government employees prohibited by Supreme Court of India in 2002.Officers/executives in any sector no trade union, collective bargaining rights Now we seen how wage are calculated in India

Organized Sector:The `day, `week and `month are the basic units for wages calculation. Used in combination Normal working week is five days (for government) five half days/ six days. `Hour is generally not a unit for wage calculation. (In newer sectors like IT, ITES hour is becoming a standard). Wage payment is made monthly. Unorganized sector: `Day is the common unit of calculation. In certain cases piece rate wages is in vogue, as well as hourly wages.

CONSTITUTION of India ON WAGES

Article 39 There is equal pay for equal work for both men and women; Article 43 Living wage, etc., for workers.- `The State shall endeavor to secure, by suitable legislation or economic organization or in any other way, to all workers, agricultural, industrial or otherwise, work, a living wage, conditions of work ensuring a decent standard of life and full enjoyment of leisure and social and cultural opportunities and, in particular, the State shall endeavour to promote cottage industries on an individual or co-operative basis in rural areas.

NATIONAL WAGE POLICY FOR INDIA

As of now, India does not have a formal national wage policy, though the issue has been discussed several times. The government has direct and indirect control over wage levels, which has been exercised through different institutions. (Top salaries of PSUs and Private Sector are strictly regulated, though the degree has been diminishing, particularly in Private Sector This has led to phenomenal differentials between Private and Public).

COMMITTEE ON FAIR WAGES 1946

Minimum Wage: - bare subsistence of worker, enough for health, efficiency and working capability. Fair wage: Above minimum wage Living wage: male worker not to provide for himself, but for family not just bare necessities but frugal comfort, education for children, social security etc. Need based minimum wage.

WAGES LEGISLATION
Minimum Wages Act 1948 Payment of Wages Act 1936. Equal Remuneration Act 1976 Companies Act 1952. Other (s): Payment of Bonus Act

CALCULATION OF MINIMUM WAGES 15th Indian Labor Conference: Standard working family of 1 man(earning)+ 1 women (wife) + 2 children. 2700 calories for adult 80% for wife and 60% for child (daily) 72 yards of cloth per annum. Government rental cost for housing 20% of above for fuel, lighting, miscellaneous. This formed the basis for calculation.

3. Why university professor and admin. Staffs are not covered under incentive scheme, so in this we can say they already having all incentive and benefits that not meet to any other workers class. Under UGC norms university and institute professor and admin staff having salary of combination of two thing are original pay scale and grade pay, so in that he/she earn more money than other. In this norms UGC consider different wages rate and pay scale which are declared by government of India. They have not put that effort which puts by organization employees.

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4. From the internal & external force identify the once.

External Factors Internal

EXTERNAL FACTORS

Labour Market
Demand for and supply of labour influence wage and salary fixation. A low wage may be fixed when the supply of labour exceeds the demand for it. A higher wage will have to be paid when demand exceeds supply, as in the case of skilled labour.

Cost of Living
A rise in the cost of living is sought to be compensated by payment of dearness allowance, basic pay to remain undisturbed. Many companies include an escalator clause in their wage agreement in terms of which dearness allowance increases or decreases depending upon the movement of consumer price index (CPI)

Labour Unions
The presence or absence of labour organizations often determines the quantum of wages paid to employees. Employers of non-unionized factories enjoy the freedom to fix wages and salaries as they please. Because of large unemployment The employees of strongly unionized companies too, have no freedom in wage and, salary fixation. They are forced to yield to pressure of labour representatives in determining and revising pay scales.

Government Legislations(Labour Laws)

We have plethora of laws at the central as well as at the state levels. Some of the laws which have bearing on employee remuneration are: the Payment of Wages Act 1936

For certain classes of persons employed in the industry, Protection against irregularity in payment of wages in a particular form and at regular intervals

the Minimum Wages Act, 1948 Enabled central and state Government to fix minimum rates of wages payable to employees the Payment of Bonus Act 1965 Provides payment of a specified rate of bonus to employees in certain establishments Equal Remuneration Act, 1976, Provides payment of equal remuneration to men and women workers for same or similar work the Payment of Gratuity Act 1972 Provides payments of gratuity to employees after they attain superannuation

The Society
Remuneration paid to employees is reflected in the price fixed by an organization for its goods and services. Remuneration paid to employees has social implications too. The Supreme Court has been keeping social and ethical considerations in adjudicate wage and salary disputes.

The Economy
The last external factor that has its impact on wage and salary fixation is the state of the economy. In most cases, the standard of living will rise in an expanding economy. Since the cost of living is commonly used as a pay standard, the economys health exerts a major impact upon pay decisions. Labour unions, the government, and the society are all less likely to press for pay increases in a depressed economy.

INTERNAL FACTORS Among the internal factors which have an impact on pay structure are

Companys strategy
The overall strategy which a company pursues should determine the remuneration to its employees.

Where the strategy of the enterprise is to achieve rapid growth, remuneration should be higher than the competitors pay. Where the strategy is to maintain and protect current earnings, because of the declining fortune of the company, remuneration level needs to be average or even below average.

Job evaluation
Job evaluation helps establish satisfactory wage differentials among jobs. Performance appraisal helps award pay increase to employees who show improved performance.

Performance appraisal and the

Worker himself or herself

The Employee
Several employee-related factors interact to determine his or her remuneration. These include: o Performance ------Performance is always rewarded with pay increase. Rewarding performance motivates the employee to do better. o Seniority ----- Managements prefer performance to effect pay increases but union new seniority as the most objective criterion for pay increase o Experience ------ makes an employee gain valuable insights and should therefore be rewarded. o Potential -----is useless if it is never realized. Yet organizations do pay some individuals based on their potential. Young managers are paid more because of their potential to perform even if they are short of experience. o Sheer luck-----some people have luck to be at the right place at the right time.

5. First Bangalore based Software Company was the first to introduce ESOP (employees' stock option plan) in India, is INFOSYS LTD NO OF COMPANY IN INDIA WHO OFFERING ESOP