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What is meant by compensation of employees? Discuss three elements of compensation of employees.
What is meant by compensation of employees? Discuss three elements of compensation of employees.
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Solution
Compensation of employees refers to the total gross wages paid to the
employees for the work done by them. It is paid by the employers in a
given accounting period. Employees' contribution to social security
schemes are not included in compensation of employees, whereas, wages
and salaries in cash and kind and windfall gains are included in compensation of
employees.Three elements of compensation of employees are:
BonusOwnership stakesBenefits and insurance
Compensation of employees refers to the total gross wages paid to the
employees for the work done by them. It is paid by the employers in a
given accounting period. Employees' contribution to social security
schemes are not included in compensation of employees, whereas, wages
and salaries in cash and kind and windfall gains are included in compensation of
employees.Three elements of compensation of employees are:
Bonus
Ownership stakes
Benefits and insurance
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