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Labour unions cost of living, ability to pay, prevailing wage rates, state regulations and job requirements. In the Indian wage/salary components there have been four important elements viz. basic wage, dearness allowance, statutory bonus and incentive bonus.

What is the definition of Wages under the Payment of Wages Act, 1936? Answer: ing to the Act, the definition of Wages is as follows: 'Wages include all remunerations which are expressed in terms of money or are capable of being so expressed. Further, these are either by the way of salary allowances or otherwise.

Wage structure is the hierarchy within a company that sets the amount each level of employment is paid and what benefits each level is due. Lower-level employees are paid less than other people at the business, and these employees may get an hourly wage as opposed to a set salary.

Salary Components in India Basic Salary. The basic salary is the fixed income provided to the employee. ... House Rent Allowance. ... Dearness Allowance. ... Conveyance Allowance. ... Medical Allowance. ... Mobile Allowance. ... Children Education Allowance. ... Books & Periodicals Allowance.

(h) "wages" means all remuneration, capable of being expressed in terms of. money, which would, if the terms of the contract of employment, express or. implied, were fulfilled, be payable to a person employed in respect of his.

Pay structure in India generally consists of the following components. 1- Basic wage/salary 2-Dearness allowance (D.A.) and other allowances. 3- Bonus and other incentives. 4- Fringe benefits or perquisites.