ambika oversaes project
TRANSCRIPT
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1
Chapter-1
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Wages, payment received by an employee in exchange for labor. It may be
in goods or services but is customarily in money. The term in a broad sense
refers to what is received in any way for labor, but wages usually refer to
payments to workers who are paid by the hour, in contrast to a salary,
which implies a more fixed and permanent form of income (e.g., payment
by the month rather than by the hour). In economic theory, wages reckoned
in money are called nominal wages, as distinguished from real wages, i.e.,
the amount of goods and services that the money will buy. Real wages
depend on the price level, as well as on the nominal or money wages.
wages, payment received by an employee in exchange for labor. It may be
in goods or services but is customarily in money. In economic theory,
wages reckoned in money are called nominal wages, as distinguished from
real wages, i.e., the amount of goods and services that the money will buy.
Real wages depend on the price level, as well as on the nominal or money
wages. wages, payment received by an employee in exchange for labor. It
may be in goods or services but is customarily in money. The term in a
broad sense refers to what is received in any way for labor, but wages
usually refer to payments to workers who are paid by the hour, in contrast to
a salary, which implies a more fixed and permanent form of income (e.g.,
payment by the month rather than by the hour). In economic theory, wages
reckoned in money are called nominal wages, as distinguished from real
wages, i.e., the amount of goods and services that the money will buy.Thus
Real wages depend on the price level, as well as on the nominal or money
wages.
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INTRODUCTION
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Economic Theories about Wages
Many theories have been advanced to explain the nature of wages. The first
of them was the subsistence theory of wages, also called the iron law of
wages, of which David Ricardo was one of the main exponents. The theory
maintains that wages cluster around the bare subsistence level of workers. A
wage rate much above the subsistence level causes an increase in the
number of workers; competition will then lead to a depression of wages
back toward the cost of subsistence. Wages that are below subsistence
reduce the size of the working population; in that case competition will
raise wages, but only up to the subsistence level again.
In the surplus-value theory as propounded by Karl Marx, the value
produced by the worker in excess of what is paid in wages is called surplus
value. The surplus value, exacted from the worker, constitutes the
capitalist's profit. The wage-fund theory is that wages are advanced out of a
fixed fund of capital, from which an excess withdrawal, either through
legislation or through union pressure, will ultimately reduce the amount
available for other workers. Any increase in wages would also have to be
taken out of profits, and their reduction would cause a decline in savings.
The marginal-productivity theory maintains that employers will only pay a
wage that is, at most, equal to the amount of extra value added to the totalproduct by one additional worker. The bargaining theory modifies the
marginal-productivity theory by taking into consideration other factors (e.g.,
laws and social and political changes) that might affect the determination of
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http://www.answers.com/topic/david-ricardohttp://www.answers.com/topic/karl-marxhttp://www.answers.com/topic/david-ricardohttp://www.answers.com/topic/karl-marx -
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wage levels and by acknowledging that certain basic assumptions (equal
bargaining power of employer and employee, free competition ).
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Wages in the widest sense mean any economic paid by the employer under
some contract to his workers for the services rendered by them. Wages
therefore include family allowance, relief pay ,financial support and other
benefits. But in the narrow sense, wages are the price paid for the services
of labour in the process of production and include only the performance
wages or wages proper.
Under the payment ofWages Act 1936, Section 2 (VI), any award of the
settlement and production bonus, and good conduct bonus.
But under the payment of Wages Act, 1948, retrenchment compensation,
payment in lieu of notice and gravity payable on discharge constitute wages.
The following type of remuneration, if paid does not amount to
wages under any of the Acts:
Bonus or other payment under a profit sharing scheme which do not
form a part of the contract of employment.
Value of any house accommodation, supply of light, water, medical
attendance, travelling allowance, or payment in lieu there of on any other
concession.
Any sum paid to defray special expenses.
Any contribution to pension, provident fund
Any other amenity or service excluded from wages.
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CONCEPT OF WAGE
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CONCEPT OF WAGESRULES, 1937
1. Short title- These rules may be called the Payment of wages(Producer) Rules, 1937
2. Definitions - In these rules, unless there is anything repayment in the
subject or context,
(a) The Act means the payment of wages Act (4 of 1936)
(b) Appeal means an appeal under Section 17;
(c) The Authority means the authority appointed under Sub-Section (1) of
Section 15
(d) Employer includes the persons responsible for the payment of wages
under section 3;
The basic purpose of wage administration is to establish and maintains
an equitable wage structures. Its secondary objective is the establishment
and maintenance of an equitable labours cost structure i.e. an optional
balancing of conflicting personal interest so that the satisfaction of
employees and employers is maximized and conflicts minimized.
OBJECTIVES OF WAGE PAYMENT:
a) For Employees.
To pay the employees according to theirjob requirements.
To minimize the chances offavoritism.
To establishjob sequences and lines of promotions wherever they
are applicable.
To increase the employees morale and motivation.
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b) For Employers:
To systematically plan for and control theirlabour costs.
To deal with a trade union, by explain the basis of their wage
programme.
To reduce the likelihood of friction and grievances over wage
inequities.
To attracts qualified employees by ensuring an adequate payment
for all the jobs.
THEORY OF WAGES
Different methods of wage payment are prevalent indifferent industries and
various countries. There may be payment by time or payment by results.
Wages are fixed mainly as a result of individual bargaining,
collective bargaining or by public or State regulation. The main elements in
these theories may be summed up as follows.
Subsistence Theory
This theory also known as Iron law of Wages was propounded by
David Ricardo(1772-1823). This theory states (1817) that The labourers
are paid to enable then to subsist and per perpetuate the race without
increase or diminution.
Wage fund theory
This theory was developed by Adam Smith (1723-1790). His basic
assumption was that wages are paid out of a pre-determined fund of wealth
which lay surplus with wealthy persons as a result of savings.
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The Surplus Value Theory of Wages:This theory owes its development of "Karl Marx" (1849-1883).
According to this theory the labour was an article of commerce, which
could bepurchased on payment of subsistence price'. The price of anyproduct was determined by the labour time needed for producing it.
Residual Claimant Theory
Francis A Walker (1840-1897) propounded this theory, According to
him, there were four factor of production / business activity, viz., land,
labour, capital and entrepreneurship, In other words, labour is the residual
claimant.
Marginal productivity theory
This theory was developed by Phillips theory Wicksteed (England)
and John Bates Clark (USA). According to this theory, wages are based
upon the entrepreneurs estimate of the value that will probably be produced
by the last or marginal workers.
The Bargaining Theory of Wages
John Davidsonpropounded this theory. Under this theory, wages are
determined by the relative bargaining power of workers or trade unions and
of employees.
Behavioural Theories
Many behavioral scientists-notably industrial psychologist and
sociologist like Marsh and Simon, Robert Dubin have presented their
views or wages and salaries, on the basis of research studies and action
programmes conducted by them. Briefly such theories are.
The Employees Acceptance of a wage level
The Internal wage structure
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Wages and Salaries and Motivators.
Statutory Minimum Wages
It is the wage determined according to the procedure prescribed by
the relevant provisions of the Minimum Wages Act, 1948. Once the rates
of such wages are fixed, it is the obligation of the employees to pay them,
regardless of his ability to pay.
Bare or Basic Minimum Wages
It is the wage which is to be fixed in accordance with the awards and
judicial pronouncement of Industrial Tribunals, National Tribunals and
labour Courts.
A minimum wage has been defined by the committee as
the wage which must provide not only for the bare sustenance of life, but
for the preservation of the efficiency of the worker. For this purpose, the
minimum wage must provide for some measure of medical requirement,
education and amenities.
Living wage
This wage was recommended by the committee as a fair wage and as
ultimate goal in a wage policy. It defined a living wage as," one which
should enable the earner to provide for himself and his family not only the
bare essentials of food, clothing and shelter but a measure of frugal comfort,including education for his children, protection against ill-health,
requirements of essential social needs and a measure of insurance against
the more important misfortunes, including old age
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MINIMUM, FAIR AND LIVING
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Fair Wage:-
According to the Committee on fair Wages, it is the wage which
is above the minimum wage but below the living wage. The lower limit of
the fair wage is obviously the minimum wage; the upper limit is set by the
"capacity of the industry to pay. Between these two limits, the actual
wages should depend on consideration of such factors as:-
(a) The productivity of labour ;
(b) The prevailing rates of wages in the same or neighboring localities
(c) The level of the national income
(d) The place of industry in the economy of the country.
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LIVING
MINIMUFAIR
WAGE RATE
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TYPES OF WAGES
Time Wage:-This is the oldest and the most common method of fixing wages.
Under this system, workers are paid according to the work done during a
certain period of time, at the rate per hour, per day, per week, per fortnight
or per month or any other fixed period of time. The essential point is that
the production of worker is not taken into consideration in fixing the wages;
he is paid at the settled rate as soon as the time contracted for is spent.
Piece Wage
Under this system, workers are paid according to the amount of
work done or the number of units completed, the rate of each unit being
settled in advance, irrespective of the time taken to do the task. This does
not mean that a worker can take any time to complete a job because if his
performance far exceeds the time, which his employer expects, he would
take the overhead charge for each unit of article, will increase. There is
implication that a worker should not take more than the average time.
Balance or Debt Method:
This is a combination of time and piece rates, the worker are
guaranteed an hourly or a day-rate with an alternative piece rate. If the
earnings of the worker calculated at a piece rate, exceeds the amount which
he would have earned if paid on time basis, he gets credit for the balance
i.e., the excess piece rate earnings over the time rate earnings.If his piece
rate earnings are equal to his time rate earnings, the question of excess
payment does not arise. Where piece rate earnings are less than time rate
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earnings, he is paid on the basis of the time rate; but the excess which he
paid is carried forward as a debt against him to be recovered from any
future balance of piece work earnings over time work earning.
Wage differentials
Wages differ in different employments or occupations, industries and
localities and also between person in the same employment or grade. One
therefore comes across such term as occupational have been classified into
three categories:
First the differentials that can be attributed to imperfections in the
employment markets, such as the limited knowledge of work in regard to
alternative job opportunities available elsewhere.
Second, the wage differentials, which originate in social values and
prejudices and which, are deeper and more persistent than economic factors.
Third, occupational wage differentials which would exist even if
employment market were perfect and social prejudices were absent.
In other words, wage differentials may be(i) Occupational differentials
(ii) Inter firm differentials
(iii) Inter area or regional differentials.
(iv) Inter-industry differentials ; and
(v) Differentials based on Sex.
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INGREDIENTS OF A GOODWAGE PLAIN
It should be easily understandable
It should be capable to easy computation
It should be capable of effectively motivating the employees.
It should provide for remuneration to employees.
It should be relatively stable.
It should be step of sound wage administration polices.
There should be scientific system for fixing standard work load.
Workers should participate in the management.
There should be guarantee of minimum wage payment to every worker
per month.
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An incentive can be anything that attracts a workers attention and
stimulate him to work. It is a plan used to encourage workers for raising
their performance and incentives are provided for increase in production
beyond a certain level, completing a work in less time then normally
allowed, improving quality products etc these plans verified both employees
and employers. The formal gets more wages and the latter are successful in
reducing overhead cost per unit of output.
Salient or essential features of incentive schemes
Following are the salient features to be understood in any incentive
schemes:
1. It should be easily understood and the amount of benefits should be
really assessed.
2. It must benefit employees as well as employers.3. It must have relation between the benefits to the employees in
relation to their efforts.
4. It should not be too costly to adopt to operate
it should stimulate the interest among employee.
5. It should stimulate the cooperation among the employees.
6. It should not be detrimental to the welfare of employees.
7. It should assist in supervision.
DEFINITION OF INCENTIVE SCHEMES:
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CONCEPT OF INCENTIVE
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An incentive scheme is a plan or a programme to motivate individual or
group performance. An incentive programme is most frequently build on
monetary rewards but may also include a variety of non-monetary
awards or prizes. BURACK SMITH
Wage incentive scheme refers to all the plans that provide extra pay for
extra performance in addition to regular wages for a job HUMMEL
OBJECTIVES OF WAGE INCENTIVE SCHEMES:
To improve the profit of a firm through a reduction in the unit cost of
labour and materials or both
To avoid additional capital invest for the expansion of production
capacity.
To increase a workers earnings without dragging the film into a
higher wage rate structure regardless of productivity.
To use wage incentive as a useful tool for securing a better utilization
of manpower, better production scheduling and performance control
and a more effective personnel policy.
Incentive schemes
Incentives are the stimulus mainly psychological and it maintains and
strengthens the desire to achieve improved performance. Incentives are
mainly of two types:
Financial incentives
Non-financial incentives
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Financial incentives helps the individuals to meet their basic needs and
non-financial incentives assist in meeting the higher order needs such as
social needs, ego needs and self actualization needs. Non-financial
incentives are based on sociological and psychological to principles of
higher behaviour.
FINANCIAL INCENTIVES:
These incentives are payments for improved productivity attendance and
general improvement in employees performance. These schemes can be
direct or indirect in nature. In direct financial incentive scheme, The
payments are based on employees own performance or contribution to the
job such as production incentive schemes , attendance bonus, profit sharing
bonus etc. The case of indirect financial incentives schemes, the payments
are not directly related to employees contribution & schemes are like
subsidized means such as leave enactment, gratuity scheme, leave
concession scheme, canteen facilities at subsidies rates.
OBJECTIVES
Following are the objectives for which incentive schemes can be used:
a) To increase the production, productivity yields manpower utilization
earning of the employee sales and quality.
b) To improve quality, reduced inventory and reduced wastage.
ADVANTAGES
Following are the various advantages of financial incentives:
1. Achievement of higher production.
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2. Lesser breakdown and defective work.
3. Cutting down the cost of production.
4. Opportunity for higher earnings to employees.
5. Reducing the supervision time.
6. Effective use of manpower planning.
DISADVANTAGES
The incentive schemes are not free from disadvantages. following are the
disadvantages of incentive schemes:
1) Lack of consistency
2) Psychological problems in the incentive systems.
3) Delay in the payment of schemes.
NON FINANCIAL INCENTIVES
These are generally introduced as a normal practice in good management.
These elicit from employees sense of belongings and their importance is not
to be underestimated. The non-financial incentives touch the inner feelings
of employees and brings out a response much more impressive than could
be possible throughfinancial incentives which are outcome of enlightened
management. The provision of better working conditions, encouragement
and appreciation of good work and atmosphere of willingness and
cooperation in dealing with common problems are all those contributed to
excellence in financial incentives schemes and the acceptance of workmen
bring a radical change in industrial relations management often is faced
with a challenge when they introduce incentive schemes. for the incentives
schemes to be effective, management must insure that they will be able to
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do good to the management and the workers alike one of the studies carried
out in a public undertaking revealed that after 4-5 months of introduction of
schemes; following results are achieved
Increase in production 20%
Increase in productivity 15%
Reduction in rate of accidents 60%
In addition to above, there was improvement in attendance in
morale, willingness to work and enforcement for increasing production. We
have seen that incentives plans provide for higher reward for increased
output. The main objective is to increase the production by giving an
inducement to workers in form of higher wages. An effective incentive plan
must provide for minimum guaranteed wages.
Some of the non-financial incentives are:
Welfare measures
Social and sports activities
Educational opportunities
Suggestion schemes
Meritorious service awards
Sound performance appraisals
Promotional policies
Better working conditions
Creation of healthy organizational plan ing and development
Knowledge of results growth opportunities in the organization
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Recognition
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Chapter-2
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BACKGROUND:
Born in the year 1984,THE HIND SAMACHAR A FLEDGING
NEWSPAPER has empowered into THE HIND SAMACHAR GROUP
OF NEWS PAPER. At present it encompasses Punjab Kesari in Hindi,Jag
Bani in Punjabi and Hind Samachar in Urdu being publishedfrom 3 centres-
Jalandhar,Ambala and Deli . It reaches out to a total of a lacs plus
readership families daily. Punjab Kesri alone touches the lives of 13 lakh
families making it the top selling Sunday Newspaper.
HISTORY AND EXISTANCE :
The journey of the eteemed daily begins when thefouner person LATE
LALA JAGAT NARAIN gave in dependent India what he termed ANINDEPENDENT NEWSPAPER He was born on 31st may 1899,he was
ofgreat imaginative mind and deep love for his country since childhood.
Lala Ji was sent to jail first time in 1921,wherehe metLala Lajpat Rai. In
1924 when Lala Ji was released from jail,he met Bhai Parmand who was
very famos writer and politician of that time. Bhai Parmand saw an
aspairing jorurnalist in Lala Jagat Narian , therefore he appointed as the
editorofhis newspaper Akash vani on coming back to jalandhar Lala Ji
started his Newspaper Jai Hind. He write an articlein his newspaper
explining the misery of theses refges to attracteverybodys attention . As the
Govt. and stop thepublication of Akash Vani
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COMPANY PROFILE
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In 1948 he publishes his own urdu newspaper HIND SAMACHAR and
once again started publishing his articles on the misary offugitives very
freely and openly. He led the Hind Samachar from the front and it was
under his wings that the foundation of growth was laid. For standing firm to
his ides he was shot dead by terrorists on sept,1981 on G.T Road near
Ludhiana
THE SECOND CHIEF:
Following the assassination of Lala Jagat Narian his older son Sh.RameshChander took hold of the company as Chief Editor . He was born on Dec
24,1926 at Lyallpur. Hegot hisBechelor of Sciene degree from DAV
College,Lahore.His journey in the world of journalism began in 1952.He
was elecedmember of Jalandhar Muncipal Committee in 1955.
Following the footprints of father ,he, at every available opportunity, sought
to promote the communal harmony and national integration .While
returning after addressing his last meetingofcomunal harmony , he was shot
dead by terrorist on May 12 ,1984 .
THE PRESENT INCUMBENT:
The only person assumed responsibilityas the Chairman and Managing
Director of the company after the dealth of Ramesh Chopra was noneelse
but his younger brother , Sh. Vijay Kumar Chopra- The present Chief.
Hewasborn on 31st January1932 andgarduated from D.A.VCollege
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Jalandhar with Thompson Foundation Newspaper Management Course
from U.K
Today ,under his leadership the Group has grown into thirdlargest
newspaper concern in the country. He was honouredwith PadamShree
Awardfor his distinguishable achievements in fighting terrorism with the
mode ofhis newspaper in 1980.
OBJECTIVES OF HIND SAMACHAR LTD. :
Comingtogether in the beginning , keeping is progress ,working together is
success. The pioneer of Hind Samachar, Lala Ji wanted it to be an
independent newpaper. A medium that is free to criticize , appraise and
appraise the public of happenings and events. Thus ,independence
ofexpressing ideas,being the primary objective of the concern , it aims the
following :
1. Providing first hand information related to various happenings
worldwide within minimum time span.
2. Always basedqualit beforeprofits.
3. Reliable and Accurate knowledge of the news astray from the
misleading rumours .
4. Serving a healthy medium of entertainment , to quench the
need for knowledge of current affairs.
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5. Providing the best source of advertisement among thepresent
medias by presenting the messagein most attractive way
6. Providing a common platform for every communityto
independently express andcritize theindividual view.
7. To spread the Hind Samachargroup to every possible concern
of the nationmaking it thehighestselling newspaper in both
rural and urban regions.
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Chapter-3
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Research Methodology is a way to systematically solve the
research problem. The Research Methodology includes the various methods
and techniques for conducting a Research. Marketing Research is the
systematic design, collection, analysis and reporting of data and finding
relevant solution to a specific marketing situation or problem. D. Slesinger
and M.Stephenson in the encyclopedia of Social Sciences define Research
as the manipulation of things, concepts or symbols for the purpose of
generalizing to extend, correct or verify knowledge, whether that
knowledge aids in construction of theory or in the practice of an art.
Research is, thus, an original contribution to the existing stock of
knowledge making for its advancement. The purpose of Research is to
discover answers to the Questions through the application of scientific
procedures. Our project has a specified framework for collecting data in an
effective manner. Such framework is called Research Design. Theresearch process followed by us consists of following steps:
o Developing the research plan: The second stage of this study
consists of developing the most efficient plan for gathering the
relevant data. The method for carrying out study is followed:
Sampling Plan Sampling can be defined as the section of some part of
an aggregate or totality on the basis of which judgment or an inference
about aggregate or totality is made. The sampling plan helps in decision
making in the following areas: -
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RESEARCH
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Sample size Sample size refers to the total numbers of items about which
the information is desired. The sample size of the study is 50.
Source Of Data
For the accomplishment of the required research paper, following
methodology was used: -
Data Collection
Both primary as well as secondary data was collected for the survey.
The primary data was collected through questionnaire (consisting of
multiple choice answers) and personal interview. This seems to be costliest
method but it is very accurate.
The secondary data was collected from organisations report,
brochures catalogues etc. Other Xerox notes were collected from the
respective heads. The copy of the questionnaire has been attached in the
end.
Data Presentation
To present data in an understandable way, different types of chart,
graphs and tables are used.
Period of study
The study has been taken under 6 weeks ( i.e 10 th June 2008 to 14th
July 2008 )
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LIMITATIONS OF THE STUDYEvery study has some limitation. Their survey is accompanied by the
following limitations.
1. Communication gap Sometimes, there was a language problem
with the workers. The workers were made to understand the question but
some times they interpret the question wrongly and gave wrong replies
to the queries.
2. Indifferent Attitude: few of the workers react to the study
indifferent and do not provide any satisfactory answers.
3. Biased information Though every care has been taken to eliminate
sort of bias but considering the human factors the possibility of small
bias having coming up cant be ruled out.
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Chapter-4
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As we already studied much about wages, its meaning, concept and its
types. There is mainly one method of wage payment i.e. Time rate.
HIND SAMACHAR is adopting time rate method in concern. It is very
big and a reputed company. They pay wages to their workers on the basis of
time they work.
I. INCREASE IN MINIMUM RATES OF WAGES
The neutralization of minimum rate of wages is @ Rs. 5/- per point in the
case of monthly rated workman and 19 paisa per point in the case of daily
rates workman. Accordingly there is an increase of Rs. 35.00 in the
minimum rates of wages for every category of employees on monthly rate
basis. In case of daily rated workers there is an increase of Rs. 1.33 per
day.
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WAGE PAYMENT IN HINDSAMACHAR
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WAGES PAID UNDER TIME RATE IN HIND SAMACHAR
Basic H.R.A L.C.A W.A. Leave DayAmou
ntTotal E.S.I. E .P.F. P.F. F.P.F. E.S.I. Income ADV Ration Co- Mess Other Deduction
Salary Amt. (1.74) (3.67)(12%
)Tax Total P
Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs.
a)3530.0
0200.00 50.00 0.00 0.00 28.00
3127.0
03360.00 3360.00 375.00
115.0
0260.00 50.80 0.00 0.00 0.00 0.00 0.00 0.00 433.00 2
b)3400.0
0100.00 0.00 0.00 0.00 30.00
3400.0
03500.00 3500.00 400.00
125.0
0283.00 61.25 0.00 0.00 0.00 0.00 0.00 0.00 469.25 3
(c)3575.0
0200.00 100.00 0.00 1.50 30.00
3575.0
03875.00 3875.00 429.00
131.0
0298.00 67.85 0.00 0.00 0.00 0.00 0.00 0.00 49683.00 3
d)4800.0
0
1300.0
00.00 0.00 0.00 30.00
4800.0
06100.00 6100.00 576.00
176.0
0400.00 106.75 0.00 0.00 0.00 0.00 0.00 0.00 6825.75 5
(e)7500.0
0
1050.0
01000.00 0.00 6.00 30.00 75.00 9550.00 9550.00 900.00
900.0
00.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 900.00 8
P.F. Stand for Provider Fund
H.R.A. Stand for House rents allowanceL.C.A Stand for Local conveyance allowance
W.A. Stand for washing allowance
M.A... Stand for Medical allowanceP.A. Stand for Petrol allowance
T.A. Stand for travelling allowanceE.S.I. Stand for Employees State Insurance Corporation.
F.P.F. Stand for family pension fund.Bonus has been payable on salary is 20% p.a Provident fund on basic salary is 12 % p.a.
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II Minimum rates of wages according to Act.
The rise in the minimum rates of wages is effective from 1-3-2006
Categories Monthly wages Daily wagesAs on
1-09-2005
Rs.
As on
1-03-2006
Rs.
As on
1-03-2006
Rs.
1. Unskilled 2225 2260 86.83
2. Semi Skilled
i.e. Upper
2440.65 2475.65 95.18
3. Semi Skilled i.e
Lower
2341.25 2376.25 91.28
4. Skilled i.e
Lower
2501.25 2536.25 97.42
5. Skilled i.e
Upper
2680.65 2715.65 104.33
6. Clerk, Time
keeper, Sales man,
Conductor, Store
keeper etc.
2540.05 2575.05 98.93
7. Accountant /
Graduate Clerk,
Assistant,
Supervisor, Car
driver , Cashier,
Steno typist
2661.25 2696.25 102.58
8. Truck / Bus / 2959.35 2994.35 115.03
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III DEDUCTION MADE IN WAGES
With regard to the rules of Government and for the benefits of the workers,
HIND SAMACHAR deducts a some part of the income from the wages of
workers. The worker receives net wages after these deductions have been
made. These deductions are: -
1) The Employees State Insurance Act: -According to the Act
passed in 1948, it a compulsory and contributors health insurance scheme.
The financial contributions of the scheme are the insured persons
themselves, employees and the State Govt. also. The employees pay 1.754
% of their monthly wages and the employers rate of contribution is 4 % of
the total wage bill. The act covers all the employees whose monthly wages
does not exceed Rs. 6500. The scheme provides following benefits to
insured and his family.
Sickness benefit
Medical benefit
Dependents benefit
Disablement benefit
Funeral benefit
2. The Employees Provident fund Act, 1952:-
Retirement benefits in the form of provident fund family pension are
available to employer under this Act.
The scheme is applicable to these drawing wages up to Rs. 5000 per
month. UnderHIND SAMACHAR . The employees contribute 12 % of the
basic way (3.67% + 8.33 %) (Provident fund + pension)
The employee get provident fund after his retirement.
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3). Advance - Sometimes the workers need the certain amount, so there
is provision that they can withdraw upto certain sum of amount. Then this
amount will be deducted from the gross wages of the workers.
4) Life Insurance Scheme: -For the purpose of mediclaim policies or
other benefits deductions are made with the written authorization of Life
Insurance policy to the Life Insurance Corporation
5. Fixed Conveyance allowed paid to employees
Not under the ESI ACT
The court held that labour charge for construction of building would
constitute of building 25 % of the total cost and the employer was liable to
make contribution at such amount, under the case of Regional Director
ESI Madras v/s Sundram Clayton Ltd. Moppet Dwisioen Madras.
The wage ceiling for motivation employees under ESI ACT
1948.
With affect from 1st April 2005 the wage ceiling for motivation of
employees under the employee's State Insurance Act, 1948, has been
enhanced from Rs. 6500 /- to Rs. 7500 /-. This is the virtue of another
amendment of Rule 52 of ESI (Central) Rules contribution will be not
deducted from employees daily wages. Earlier this limit was Rs. 40/- of
less per day.
CHANGE IN CONDITION OF SERVICE
Statutory requirement of notice under section 9-A of Industrial
dispute Act 1947.
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Whenever an employer is required to effect change in the conditions
of the service of an employee. He is statutory required to give notice of 21
days to the effected workman.
The provision of 9-A will not be attracted if the proposed change
does not relate to any of the matter provided in schedule IV.
IV Influencing wage determination factors at AMBIKA
OVERSEAS
There are many factors which influence the wage determination. The
influence of these factors can also be seen in "HIND SAMACHAR".
These factors affect the wage system of the organisation. These are as
under:
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The organization gives greater weight to following wage criteria i.e.
(a) Job requirement
(b) Minimum wages as per government laws.
While other factors such as qualification, past experience, ability to pay and
managerial attitude are accorded a secondary importance.
38
CRITERIA FOR WAGE FIXATION
Job Requirement
Ability to Pay
Qualification
Past Experience
Minimum wages as forGovt. Laws.
Managerial Attitude on
higher Post
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V BENEFIT PROVIDED TO WORKERS IN HIND
SAMACHARHind Samachar supplies some benefits to its workers in order to retain the
people in organization and not to stimulate them to greater effort and higher
performance. The benefits are: -
1. Medical benefit: - It is in the form of free medical treatment in case
of sickness and injury. There is a dispensary inside the concern. The
concern also provides mediclaim to the workers to some extend.
2. Canteen: - The workers can avail the refreshment or can eat meals
bought by them from canteen at concessional rates. The concern
provides this benefit in order to give good working conditions to
employees.
3. Dress: -There is a proper dress code of AMBIKA OVERSEAS There
are both blue collar and while collar workers exist.
4. Bonus :- The company provide 20% bonus on the basic salary annually
VI LEAVE SYSTEM IN HIND SAMACHARUnder leaves system adopted in HIND SAMACHAR, they determine how
much total leaves can be available by the worker. The total number of
leaves provided in HIND SAMACHAR is 33
Earned Leaves - 30
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National - 13
Total 33
Earned leaves: -These leaves are given to those workers who have
worked for not than 1 year in company and the workers must have worked
for 240 days in concern, only then they can avail these 30 leaves under
HIND SAMACHAR
Leaves without Pay: - If a worker avail a leave which is not covered
under above two cases then he will not get wages on that day i.e. the wages
for that particular day will be deducted from his gross wages.
VII SYSTEM OF CALCULATION OF OVERTIME IN
HIND SAMACHAR
Overtime is paid to workers on the following basis:
a) If the worker works more than the normal working hours like in the dayholdings, then:
Overtime = Salary /240 days * hours (per day) (240 minutes
in 4 hours)
b) Workers can be called for work for a minimum period of 4 years to work
overtime on paid holidays and closed days.
c) Overtime (Per Month) = Overtime x 2
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AMBIKA OVERSEAS is a big concern. There are many workers working
under it. A survey has been conducted during summer training to know the
response of workers towards the management and the concern. The data
analysis on basis of questionnaire filled by workers is given as below. The
survey is conducted on 30 workers.
JOB SATISFACTION LEVEL
Table 1.1
Ranks %age No. of workers
Excellent 16 8Very Good 26 13
Good 22 11
Satisfactory 20 10
Non-Satisfactory 12 6
Indifferent 4 2
Total 100 50
Fig 1.1
INTERPRETATION
42
16%
26%
22%
20%
12%4%
Excellent
Very Good
Good
Satisfactory
Non-Satisfactory
Indifferent
DATA ANALYSIS AND ITS
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As seen above 42 workers in the organization at large have a job
satisfaction level & there are only 8 workers who are not satisfied or
indifferent.
P AY STRUCTURE
Table 1.2
Ranks %age No . of workers
Excellent 10 5
Very Good 16 8
Good 16 8
Satisfactory 24 12Non-Satisfactory 30 15
Indifferent 4 2
Total 100 50
Fig. 1.2
INTERPRETATION
43
10%
16%
16%
24%
30%
4%
Excellent
Very Good
Good
Satisfactory
Non-Satisfactory
Indifferent
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As seen above 33 workers in the organization are very happy or satisfied
with the pay structure & there are only 17 workers who are not satisfied
with the pay structure.
ANNUAL INCREMENTS
Table 1.3
Ranks %age No of workers
Excellent 10 5
Very Good 30 15
Good 36 18
Satisfactory 8 4
Non-Satisfactory 16 8
Indifferent 0 0
Total 100 50
Fig. 1.3
INTERPRETATION
It is clear from the aforesaid fig. that 42 workers annual increment seems to
be excellent and satisfactory and only 8 workers who are not satisfied.
44
10%
30%
36%
8%
16%0%
Excellent
Very Good
Good
Satisfactory
Non-Satisfactory
Indifferent
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TIMELY PAYMENTS
Table 1.4
Ranks %age No of workers
Excellent 88 44
Very Good 10 5
Good 2 1
Satisfactory 0 0
Non-Satisfactory 0 0
Indifferent 0 0
Total 100 50
Fig. 1.4
INTERPRETATION
From the above we can see that 44workers agreed that timely wages are
excellent, 5 very good & 1 good .It has never been late even for a single
day, half day or hour.
PAYMENT OF ADVANCE
45
88%
10%
2%
0%0%0%
Excellent
Very Good
Good
Satisfactory
Non-Satisfactory
Indifferent
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Table 1.5
Ranks %age No of workers
Excellent 10 5
Very Good 16 8
Good 16 8Satisfactory 24 12
Non-Satisfactory 30 15
Indifferent 4 2
Total 100 50
Fig. 1.5
INTERPRETATION
From the aforesaid data it is clear that 33 workers agreed that whenever
they need advance they dont have to face any problem and only 17 of them
are not satisfied.
46
10%
16%
16%
24%
30%
4%
ExcellentVery Good
Good
Satisfactory
Non-Satisfactory
Indifferent
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RECOGNITION OF GOOD WORK
Table 1.6
Ranks %age No of workers
Excellent 12 6Very Good 4 2
Good 20 10
Satisfactory 24 12
Non-Satisfactory 34 17
Indifferent 6 3
Total 100 50
Fig. 1.6
INTERPRETATION
From the aforesaid information it can be seen that 6 workers are very happy
with the recognition given to their good efforts, 12 workers are satisfied
while 17 workers are totally unsatisfied with.
REWARDS FOR EFFICIENCY
Table 1.7
Ranks %age No of workers
47
12%
4%
20%
24%
34%
6%
Excellent
Very Good
Good
Satisfactory
Non-Satisfactory
Indifferent
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Excellent 8 4
Very Good 26 13
Good 18 9
Satisfactory 16 8
Non-Satisfactory 24 12Indifferent 8 4
Total 100 50
Fig. 1.7
INTERPRETATION
As seen from the above data 12 workers are unsatisfied, they want rewards
in monetary terms or whatever but they are not getting any reward at all.
However 4 workers find it very excellent and 13 workers rank it very good.
48
8%
26%
18%16%
24%
8%
Excellent
Very GoodGood
Satisfactory
Non-Satisfactory
Indifferent
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FACILITIES ASSOCIATED WITH JOB SATISFACTION
Tabel 1.8
Ranks %age No of workers
Excellent 20 10Very Good 24 12
Good 16 8
Satisfactory 32 16
Non-Satisfactory 6 3
Indifferent 2 1
Total 100 50
Fig. 1.8
INTERPRETATION
30 workers agreed that they are provided with good facilities associated
with the job 16 workers find it satisfactory and there is 4 workers who arenot satisfied with it.
49
20%
24%
16%
32%
6%
2%
Excellent
Very Good
Good
Satisfactory
Non-Satisfactory
Indifferent
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WORKING ENVIRONMENT
Table 1.9
Ranks %age No of workers
Excellent 18 9Very Good 26 13
Good 18 9
Satisfactory 30 15
Non-Satisfactory 8 4
Indifferent 0 0
Total 100 50
Fig. 1.9
INTERPRETATION
13 workers said that their working environment is very good, 9 workers
rank it excellent, 15 workers rank it as satisfactory and there are 4 workers
who find it to be unsatisfactory.
SUPERVISORS & MANAGERS RELATIONS
Table 1.10
Ranks %age No of workers
50
18%
26%
18%
30%
8% 0%
Excellent
Very Good
Good
Satisfactory
Non-Satisfactory
Indifferent
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Excellent 44 22
Very Good 30 15
Good 14 7
Satisfactory 6 3
Non-Satisfactory 6 3Indifferent 0 0
Total 100
Fig. 1.10
INTERPRETATION
Workers were having very good relationship with the supervisors &
managers, 15 workers of them say the interpersonal relations were very
good, 22 workers rank it excellent, 7 good and only 3 workers were not
satisfied.
51
44%
30%
14%
6%
6%
0%
Excellent
Very Good
GoodSatisfactory
Non-Satisfactory
Indifferent
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LABOUR WELFARE ACTIVITIES
Table 1.11
Ranks %age No of workers
Excellent 8 4Very Good 8 4
Good 30 15
Satisfactory 26 13
Non-Satisfactory 24 12
Indifferent 4 2
Total 100 50
Fig. 1.11
INTERPRETATION
For the aforesaid data it is clear that 12 workers are unsatisfied with the
Labour welfare activities in the organization, 2 workers are indifferent , 4
workers rank them excellent , 4 very good and 15 rank them as good.
JOB SECURITY
52
8%8%
30%
26%
24%
4%
Excellent
Very Good
Good
Satisfactory
Non-Satisfactory
Indifferent
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Table 1.12
Ranks %age No of workers
Excellent 68 34
Very Good 10 5
Good 4 2Satisfactory 8 4
Non-Satisfactory 4 2
Indifferent 6 3
Total 100 50
Fig. 1.12
INTERPRETATION
It is clear from the above data that 34 workers showed excellent in job
security, 5 workers rank them as very good , 2 good & 4 satisfactory & 2
are not satisfied .
HOW WORKERS RATE THE STAFF
Table 1.13
Ranks %age No of workers
Excellent 14 7
53
68%
10%
4%
8%4%
6%
Excellent
Very Good
Good
Satisfactory
Non-Satisfactory
Indifferent
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Very Good 24 12
Good 28 14
Satisfactory 16 8
Non-Satisfactory 18 9
Indifferent 4 2Total 100 50
Fig. 1.13
INTERPRETATION
It is clear from the aforesaid data that 7 workers rank the
management/organizational staff as excellent. However 12 wrokers ranks
staff as very good & 14 good , 8 workers rank them as satisfactory and only
9 workers are not satisfied with the organization.
54
13%
23%
28%
15%
17%
4%
Excellent
Very Good
Good
Satisfactory
Non-Satisfactory
Indifferent
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SWOT ANALYSIS OF HINDSAMACHAR
STRENGTHS
HIND SAMACHAR is reputed newspaper inwhole country
They provides timely payment to their employees
They provide excellent working environment.
All the workers are satisfied with the job provided to them.
Most of the workers are satisfied with method of wage payment adopted
by the company.
WEAKNESS
Majority of workers are not well educated
Pay structure does not yield more degree of motivation.
They dont provide advance wages & salaries if needed by them.
Workers want extra increment from the company.
OPPORTUNITIES
Workers should be provided with reward based wage system so that
they are encouraged to work efficiently.
The company should start bonus & premium plans
THREATS
Pay structure not adequate
No extra increment
No consultation with the workers regarding decision concerning them.
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FINDINGS OF THE STUDY
AMBIKA OVERSEAS is very reputed and big organisation
during my training these are the findings of the company.
1. Many steps are taken by organisation in order to motivation
employee.
2. The wages paid to workers are according to the revised Govt. Polices.
3. The grievances of workers are attended by the higher authorities but
are not.
4. The salary are given to the workers in time.
5. The company provides better facilities to workers and good working
condition.
6. The company give 20 % bonus to their workers.
7. Many of the workers is not well aware of E.S.I and E.F.P.
8. Conditions improvement program through research and Development
to Human Development.
9. Many workers are not satisfied with their wages.
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SUGGESTIONS
1. Order workers must be given preference over the youngsters as they
have been working since long .
2. Nor doubt, the company pays same salary as prescribed by the
government, it should give financial incentives very often to the
workers in order to meet the necessities of life.
3. The workers must get sufficient wages so that they can satisfy their
needs.
4. Each and every worker must be made aware of E.S.I. and E.P.F.
norms.
5. Workers participation should be given more importance.
6. The Grievance handling procedures should be upgraded .
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CONCLUSION
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Ambika overseas, has efficient and experienced management. It has indeed
an great experience working with them. The company should work upon its
opportunities so as to reduce its weakness, minimizes threats and mamize
strengths of the company. It should follow certain tactics in order to
motivate low-skilled service workers, providing more flexible work
schedules can motivate them and filling such jobs with youngsters and
retired who financial need is less unless the pay and benefits are
significantly increased, high turnover has to be expected in such jobs. This
can be somewhat offset by widening the recruiting net, making these jobs
more appealing and raising pay level.
Personnel management deals with optimum utilization human
resources of a concern. It caters to the needs of the employees and fixes a
suitable wage system. A wage system should be designed keeping in view
the efficiency and the type of work involve. A suitable wage system
satisfies the needs of workers
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Ahuja, K.K. " Personnel Management ", Published By, " Kalyani"
Edition : 2003
Ashwathappa. K "Human resource and Personnel Management"
Published by "Kalyani ", Edition 2003
J.Walker, Brucej Personnel Management Published by Tata McGraw
Hill
Kothari , C.R., Research Methodology (Method and Techniques),
Wishewa Prakshan, 1999.
Memoria, C.B. Personnel Management, Himalaya Publishing House
Bombay, 1984.
Sharma, R.K. Gupta, Shashi K. Business Management Kalyani
Publishers, Delhi, 2001.
Websites:
www.wikipedia.com
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BIBLIOGRAPH
http://www.wikipedia.com/http://www.wikipedia.com/ -
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QUESTIONNAIRE
1. JOB SATISFACTION LEVEL
Excellent Very Good Good
Satisfactory Non-Satisfactory Indifferent
2. PAY STRUCTURE
Excellent Very Good Good
Satisfactory Non-Satisfactory Indifferent
3. ANNUAL INCREMENTS
Excellent Very Good Good
Satisfactory Non-Satisfactory Indifferent
4. TIMELY PAYMENTS
Excellent Very Good Good
Satisfactory Non-Satisfactory Indifferent
5. PAYMENT OF ADVANCE
Excellent Very Good Good
Satisfactory Non-Satisfactory Indifferent
6. RECOGNITION OF GOOD WORK
Excellent Very Good Good
Satisfactory Non-Satisfactory Indifferent
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7. REWARDS FOR EFFICIENCY
Excellent Very Good Good
Satisfactory Non-Satisfactory Indifferent
8. FACILITIES ASSOCIATED WITH JOB PHYSICAL
Excellent Very Good Good
Satisfactory Non-Satisfactory Indifferent
9. FACILITIES OF TECHNICAL JOB
Excellent Very Good Good
Satisfactory Non-Satisfactory Indifferent
10. WORKING ENVIRONMENT
Excellent Very Good Good
Satisfactory Non-Satisfactory Indifferent
11. SUPERVISORS & MANAGERS RELATIONS
Excellent Very Good Good
Satisfactory Non-Satisfactory Indifferent
12. GRIEVIENCE HANDLING PROCEDURE
Excellent Very Good Good
Satisfactory Non-Satisfactory Indifferent
13. LABOUR WELFARE ACTIVITIES
Excellent Very Good Good
Satisfactory Non-Satisfactory Indifferent
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14. JOB SECURITY
Excellent Very Good Good
Satisfactory Non-Satisfactory Indifferent
15. HOW WORKERS RATE THE STAFF
Excellent Very Good Good
Satisfactory Non-Satisfactory Indifferent
DEMOGRAPHIC PROFILE
Name:__________________________________
Age : A. 18-30 Years B. 30-45 Years C. 45-60 Years D. 60 and above
Qualification : ____________________________
Contact No.______________________________
THANKS FOR PARTICIPATING IN SURVEY
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ACKNOWLEGEMENT
I feel immense pleasure to give the credit of my project work not only to one
individual as this work is integrated effort of all those who concerned with it. I
want to owe my thanks to all those individuals who guided me to move on the
track.
This report entitled Wage Payment is the outcome of my summer training atAmbika Overseas, Jalandhar City.
I sincerely express my gratitude and lot of thanks to Manager and to the staff of
Ambika Overseas for helping me in completing my project work and making it a
great success.
I would like to express my deep sense of gratitude to my subject
teacher, Mrs. _____________, Lecturer in Commerce, _________,
Jalandhar who introduced me to the subject and under whose guidance
I am able to complete my project.
Last but not least, I would thank all my friends, faculty members and all
respondents who rendered their precious time for contributing their skills and tofill the questionnaire, which made my project more appealing and attractive.
_________________
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PREFACE
Without practical training, management education is meaningless so long with the
theory; practical training is provided to management students to expose them to
the actual working environment of any organization. Such training provides a
framework of knowledge relating to the concepts and practices of the assigned
topics in the organization.
Human beings are a resource to an organisation like any other material on
economic resources they represent an investment whose development and
utilization require managing. There is a fundamental truth in the clich that
" people are an organisaion most important asset". In every orgnisation
human resources are a pivotal variable without which the inanimate assets
are worthless 'Like cash put into a saving account'
Human resources can appreciate in value. Therefore, human resources need
to be understood in their proper perspective and utilised effectively to
achieve the goals of can organisation. The management of human
resources is a very complicated and challenging task for those who are
entrusted with the successful running of an organisation.
Wages in the widest sense mean any economic compensation paid by
the employer under some contract to his workers for the services rendered
by them. Wages, therefore, include family allowance, relief pay narrow
sense, wages are the price paid for the services of labour in the process of
production and include only the performance wages.
In this project report I have studied the deduction made from the
gross wages of the workers, type of wages, factors influencing
determination of wages, hand behind maintenance records benefits provided
to the workers and leave system in the Co.
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CONTENTSCHAPTER 1. INTRODUCTION TO PROJECT
Introduction to Wages
Concept of Wage Payment
Concept of Incentive Schemes
CHAPTER 2. COMPANY PROFILE
Company Profile
Management of AMBIKA OVERSEAS
Product Range of AMBIKA OVERSEAS
CHAPTER 3 . RESEARCH METHODOLOGY
Objectives of the Study
Research Methodology
Limitations of study
CHAPTER 4. WAGE PAYMENT IN AMBIKA OVERSEAS
Wage Payment in AMBIKA OVERSEAS
Incentives Schemes in AMBIKA OVERSEAS
CHAPTER 5. DATA ANALYSIS AND INTERPRETATION
Data analysis and Interpretation
CHAPTER 6. FINDINGS, SUGGESTIONS & CONCLUSION Findings of the Study
Suggestions and Conclusion
BIBLIOGRAPHY
ANNEXURE
Questionnaire
A
PROJECT REPORT ON
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SUBMITTED TO
GURU NANAK DEV UNIVERSITY, AMRITSAR
In partial fulfillment of the requirement for the
degree of
Bechular in business administration -II
Submitted To: Submitted by:
Mrs.Ipenderjeet Kaur Chhavi Pasricha
Lecturer in Commerce B.B.A-IIH.M.V College Roll No.9557
Jalandhar Univ. Roll No.
Regd. No.
Session (2008-2009)
Hans Raj Mahila Maha Vidyalaya
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(jalandhar)
anaging
irector
Cum-
hairman
DEPUT
Y
MANAG
ER