MU0015 – COMPENSATION AND BENEFITS

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ASSIGNMENT

DRIVE
SPRING 2015

PROGRAM/ SEMESTER
MBADS – (SEM 4/SEM 6) / MBAN2 / MBAFLEX – (SEM 4)
PGDHRMN – (SEM 2)
SUBJECT CODE & NAME
MU0015 – COMPENSATION AND BENEFITS
BOOK ID
B1859
CREDITS
4
Max. MARKS
60


Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.



1 (i) What is meant by “compensation management”?

Answer : Compensation Management is an organized practice that involves balancing the work-employee relation by providing monetary and non-monetary benefits to employees. Compensation includes payments such as bonuses, profit sharing, overtime pay, recognition rewards and sales commission. Compensation can also include non-monetary perks such as a company-paid car, company-paid housing and stock options. Compensation is an integral part of human resource management which helps in motivating the employees and improving organizational effectiveness.

In recent years a great deal of attention



2 Explain the steps involved in designing a salary structure. List the components of pay structure.
Answer : Pay structure : A pay structure is a collection of pay rates or pay ranges. Structure setting and adjustment is the process of developing, adjusting, and maintaining a pay structure. Salary structures are a necessary part of effective management. They help make sure that the pay levels are externally competitive and internally fair.

Reason for developing a proper pay structure :

Salary structures are a necessary part of effective




3 Define the term ‘wage’. Write a brief note on ‘wage policy’.
Answer : Components of wages :

Minimum wages need to be fixed in sweated industries & fair wage agreements need to be promoted in the more organized industries. Equal pay should be ensured for equal work. Wage differentials should be provided.
Remuneration should be linked to productivity.

1)      Fixing of minimum wages: The appropriate



4. Explain the concept of ‘tax planning’ with an example. Explain its role in Compensation Benefits.

Answer : Here are some examples of tax planning by which an individual or firm can plan to reduce their tax liabilities.
Residential status: Sometime by better tax planning a taxpayer can avoid becoming resident in a particular year. The advantage of this is that if he is non-resident in a particular year, he is not liable to be taxed for his overseas income in India.
Individual’s investment: Taxpayer can plan investment in a manner so that overall return is optimum. This may involve analyzing different investment options taken into consideration, availability of tax deduction u/s 80C, exemption of interest/dividend income on a particular investment, capital gain, possibility of



5 Define ‘reward management’. What are its aims? Explain the factors affecting reward management policies in service sector.

Answer : Reward management is about the design, implementation, maintenance, communication and evolution of reward processes which help organizations to improve performance and achieve their objectives.

Reward processes are based on reward philosophies and strategies and contain arrangements in the shape of policies and strategies and contain



6 Who are ‘Expatriates’? What are the objectives of ‘Expatriate compensation’? Differentiate between Financial (extrinsic) compensation and Non-financial (intrinsic) compensation.

Answer : Negotiating expatriate compensation is a bit more complicated than figuring local compensation for residents. There are many financial effects which a transferring employee will want to take into consideration and will expect their employer to compensate for one way or another.

Objectives :
A company that decides to transfer an employee to


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Send your semester & Specialization name to our mail id :
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