Compensatio,Components,Law Impact on Compensation

8/4/2019 Compensatio,Components,Law Impact on Compensation

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Compensation & Components of our Compensation

Pay:

Most of us fail to understand the difference between the cost to company (CTC) and the net

salary. Cost to company is the aggregate of all forms of compensation and benefits offered

by the company, while the net salary is the total amount received after deducting net tax

liability on each component. People are often quick to become elated on receiving a higher

CTC, failing to realize that the actual increase in the amount they receive in-hand may be

marginal. This makes it necessary to understand the various components of CTC, which

affect your in-hand salary directly.

Different Salary Components and their Tax Implications

The basic is the most important component of your salary. It is the actual compensation given for rendering services. Dearness allowance (DA) is another vital component of salary. Theseconstitute a major chunk of the CTC, and are fully taxable. Other common components of CTCare:

House rent allowance (HRA): This is offered to employees for aiding them in meeting the cost of a

rented accommodation. The tax treatment of HRA is slightly complicated. The lowest of the following

three amounts can be claimed as tax deduction:

Actual HRA received

50% of salary (basic + DA) if residing in a Metro, or else 40%

The amount by which rent exceeds 1/10th of salary (basic + DA)

Conveyance: This form of allowance is paid to compensate employees for travel expenses incurred

by them. Conveyance allowance is fully exempt from tax, provided the travels have been made for

official purposes. Besides, in case of conveyance allowance for travel to-and-from work, up to

Rs.800 per month is tax deductible.

Medical reimbursement: Typically, medical expenses incurred by an employee for self-treatment of

treatment of his/her dependant are reimbursed by the employer. These reimbursements are tax

exempt, up to a limit of Rs.15,000 per annum.

Lunch coupons: It has become a common trend for employers to provide lunch or lunch coupons

to the employees. These benefits are fully tax exempt, provided they are not offered in cash.


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Annual bonus: This is perhaps the most popular incentive given by Indian employers, offered in the

form of cash bonuses and commissions. Such bonuses are fully taxable.

Other Salary Components to Consider

Besides these, there are several other components of salary, including pension, gratuity andleave travel compensation (LTC). Note that some salary components are fully taxable, whileothers are partially or fully tax-exempt. Remember, understanding these components explicitlywill enable you to negotiate for a more tax-saving and flexible salary structure.

Compensation has become a far more complicated issue than just deciding how much to payyour employees. Employees also have greater expectations of what should be included in their compensation packages, and they may demand specific benefits. Costly or not, building a fair and attractive compensation packages is critical for attracting and retaining employees. Whensetting up your compensation package, we need to consider the following components -

Salary and wages . This is usually the single largest component of a compensation package and,not surprisingly, the most common point of comparison used by employees and potentialemployees. Salary should be tied to a person's skills and experience. Subsequent increasesneed to be based on an employee's performance, value and contribution to an organization.

Bonuses. Employee bonuses, which are usually paid in a single lump at the end of the year, areone way of providing performance incentives.

Long-term incentives. Stock options or stock grants not only provide long-term incentives toemployees, but they can also help retain valuable team members.

Health insurance. Employer-sponsored health insurance is fairly standard among medium-sizecompanies. And it's a benefit that has great value to employees.

Retirement plans . 401(k) plans have become popular because they are relatively easy toadminister and are less expensive than traditional pension plans. Many employees like theseplans because they maintain some control over the amount of their contribution and how themoney is invested.

Time off and flexible schedules . This includes holidays, vacations, sick days and personaldays. An employer unable to offer competitive salaries may close part of the gap by offering moretime off or flexible work hours.

Miscellaneous compensation. Other forms of compensation to consider include employeeassistance programs, which can provide everything from psychological counseling to legalassistance; discounts on company products; use of a company cars etc.


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Law impact on compensation

Organizations need to pay close attention to the laws impact on compensation. YourCompensation Strategy needs to take these into consideration.

If your organization fails to do so, dire consequences can follow.

Compensation LegislationIn the public sector, compensation and the law are very much inter-connected. Everyaspect of employee compensation is governed by legislation. In most cases, there is notmuch room for innovative ideas.

The one good thing about this is that the results are predictable at most times. The line of authority is mostly predetermined. Predictability is good for the organization andemployees.

Legislation makes provisions for job grades, salary band / range, salary increases, promotion, allowances, benefits and so on.

When there are needs for changes, the legislation concerned is amended. Before anyincentive or a new allowance is given or paid the law must allow it. Career progressiondoes not escape legal provisions.

Nobody dares to take the risk of going against the stipulated rules.

Some government agencies are usually given some authority under a subsidiarylegislation. Their respective Board of Directors can make decisions. But such decisionsmust not go against the provisions of the incorporation instrument and governmentgeneral policies.

Too much emphasis on laws impact on compensation makes bureaucracy the order of theday.

Role of Legislation in Private Sector CompensationOrganization in the private sector are "free" to determine the levels and components of their compensation package.

They are "free" in the sense that in most cases, legislation leave much of such matters inthe hands of corporations. But in another sense private entities are not free to follow their whims and fancies regarding compensation matters.

Sometimes, National governments are forced to make decisions compelling privateorganizations to change their compensation system and practices. For example, anti-
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discrimination laws impact on compensation ensure that decisions are not discriminatoryas between employees based on gender or race.

This can also happen during times of economic recession when sensitive matters such ascompensation come under close public scrutiny. If this happens private organizations

have no choice but to follow the government-imposed rule.

This can bring both positive and negative results.

Some argue that self-regulation is a better option and is preferable.

Another situation where compensation and the law play a role is when legislation isenacted to impose minimum wage. Here, organizations are 'forced to agree'. This is acontroversial issue.

Employees at the lowest level and their unions look forward to it.

Employers Associations or Federation dread it.

Government officers may not know what further action they can take. They are notwilling to go against against government policies. Yet they may understand the positionof organizations where financial performance is necessary for continued payment of salaries.

Another situation in which governments may intervene is when employees, unions,community leaders, commentators and others believe that the cost of living is gettingexceptionally high and there is an appeal for government intervention.

Your organization may want to offer salary increase to help people cope during hardtimes. In this way, cost of living (COLA) become one of the factors in deciding thequantum of salary increase.

We know that market forces impose "unwritten rules" on the compensation systems.These affect the way organizations operate.

Inter-relationship Between Job Performance and Compensationsurely you know that job performance has a role to play in determining compensation

based on the defined performance measures and standards.

Effective performance management is necessary to ensure this is done properly.

The Common LawThere are situations where legislation does not directly affect compensation issues.
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When cases come before the law courts, judges interpret the law, that is, they make newlaws, while referring to decided cases in determining whether compensation is payable or not. And if payable, the courts will also rule on the quantum payable by an employer.

This is another case where laws impact on compensation of which organizations need to

know.

However, a lot of these cases are on unfair dismissal or constructive dismissal. In manyof these cases 'compensation' means the amount of back pay and wages that the employer must pay to the former employee.

The law courts will seldom award economic loss as compensation.

Sometimes the courts will also rule that the employer take back the former employee toresume duties. This, in itself, presents difficulties for both employer and employee.

Legislation will not impose the requirement on employers to pay damages due toeconomic loss, that is, for loss of job.

Shortcomings can Result in Dire Consequences for OrganizationsAs an employer, you will find it worthwhile and beneficial to get updates on the lawsimpact on compensation.

In the United States, for example, public companies are subject to new laws oncompensation. The new Financial Reform Law will impact on compensation of executives and corporate governance. Penalties for non-compliance include de-listing of

the companies concerned. This is a clear example of the laws impact on compensation.

So, what can you do? Conduct an inventory of the laws affecting compensation and benefits in the country where you are carrying out your activities.

Then make plan to implement compensation strategy complying withthese existing legal provisions while taking into consideration

sound HR policies.

List of various Central Labour Acts

Last updated on

Laws related to Industrial Relations1 The Trade Unions Act, 1926

The Trade Unions (Amendments) Act, 20012 The Industrial Employment (Standing Orders) Act, 1946

The Industrial Employment (Standing Orders) Rules, 1946
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3 The Industrial Disputes Act, 1947

Laws related to Wages1 The Payment of Wages Act, 1936

The Payment of Wages Rules, 1937The Payment of Wages (AMENDMENT) Act, 2005

2 The Minimum Wages Act, 1948 The Minimum Wages (Central) Rules, 1950

3 The Working Journalist (Fixation of Rates of Wages) Act, 1958 Working Journalist (Conditions of service) and Miscellaneous ProvisionsRules, 1957

4 The Payment of Bonus Act, 1965 The Payment of Bonus Rules, 1975

Laws related to Working Hours, Conditions of Services andEmployment

1 The Factories Act, 19482 The Dock Workers (Regulation of Employment) Act,

19483 The Plantation Labour Act, 19514 The Mines Act, 1952

5 The Working Journalists and other Newspaper Employees (Conditions of Service and Misc. Provisions) Act, 1955 The Working Journalists and other Newspaper Employees (Conditions of Service and Misc. Provisions)Rules, 1957

6 The Merchant Shipping Act, 19587 The Motor Transport Workers Act, 19618 The Beedi & Cigar Workers (Conditions of Employment)

Act, 19669 The Contract Labour (Regulation & Abolition) Act, 1970

The Contract Labour Regulation Rules10

The Sales Promotion Employees (Conditions of Service) Act, 1976

The Sales Promotion Employees (Conditions of Service) Rules, 1976

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The Inter-State Migrant Workmen (Regulation of Employmentand Conditions of Service) Act, 1979
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The Shops and Establishments Act

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The Cinema Workers and Cinema Theatre Workers (Regulation of Employment) Act, 1981

The Cinema Workers and Cinema Theatre Workers (Regulation of Employment) Rules, 1984The Cine Workers Welfare Fund Act, 1981 .

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The Dock Workers (Safety, Health & Welfare) Act, 1986

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The Building & Other Construction Workers (Regulation of Employment & Conditions of Service) Act, 1996

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The Dock Workers (Regulation of Employment) (inapplicability to Major Ports) Act, 1997

Laws related to Equality and Empowerment of Women1 The Maternity Benefit Act, 19612 The Equal Remuneration Act, 1976

Laws related to Deprived and Disadvantaged Sections of the Society

1 The Bonded Labour System (Abolition) Act, 19762 The Child Labour (Prohibition & Regulation) Act, 1986

3 The Children (Pledging of Labour) Act, 1933

Laws related to Social Security1 The Workmens Compensation Act, 1923

The Workmen's Compensation (Amendments) Act, 2000

2 The Employees State Insurance Act, 19483 The Employees Provident Fund & Miscellaneous

Provisions Act, 1952The Employees Provident Fund & Miscellaneous Provisions (Amendment) Act, 1996

4 The Payment of Gratuity Act, 1972 The Payment of Gratuity Rules

5 The Unorganised Woekers' Social Security Act 2008The Unorganised Workers' Social Security Rules 2008
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Laws related to Labour Welfare

1 The Mica Mines Labour Welfare Fund Act, 19462 The Limestone & Dolomite Mines Labour Welfare Fund Act, 19723 The Beedi Workers Welfare Fund Act, 19764 The Beedi Workers Welfare Cess Act, 1976

The Beedi Worker's Welfare Cess Act Rules, 19775 The Iron Ore Mines, Manganese Ore Mines & Chrome Ore Mines Labour

Welfare Fund Act, 19766 The Iron Ore Mines, Manganese Ore Mines & Chrome Ore Mines Labour

Welfare Cess Act, 19767 The Cine Workers Welfare Fund Act, 19818 The Cine Workers Welfare Cess Act, 19819 The Employment of Manual Scavengers and Construction of Dry latrines

Prohibition Act, 1993

Laws related to Employment & Training1 The Employment Exchanges (Compulsory Notification of

Vacancies) Act, 1959 The Employment Exchanges (Compulsory Notification of Vacancies) Rules, 1959

2 The Apprentices Act, 1961

Others1 The Fatal Accidents Act, 18552 The War Injuries Ordinance Act, 19433 The Weekly Holiday Act, 19424 The National and Festival Holidays Act5 The War Injuries (Compensation Insurance) Act, 19436 The Personal Injuries (Emergency) Provisions Act, 19627 The Personal Injuries (Compensation Insurance) Act, 19638 The Coal Mines (Conservation and Development) Act, 19749 The Emigration Act, 1983

The Emigration Rules, 198310

The Labour Laws (Exemption from Furnishing Returns and Maintaining Register by Certain Establishments) Act, 1988

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The Public Liability Insurance Act, 1991
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