Labour cost is one of the important elements of production. Wage, salaries and other incentives of employee remuneration constitute a very large component of operating costs. Remuneration of employees is a vital factor not only affecting the cost of production but also industrial relations of the organization. No organization can expect to attract and attain qualified and motivated employees unless it pays them fair remuneration. Employee remuneration, therefore has vital influence on the growth and profitability of the company. For employees, remuneration is more than a means of satisfying their physical needs. Wages and salaries have significant influence on distribution of income, consumption, savings, employment and prices. Thus employee remuneration is a very significant issue from the viewpoint of employers, employees and the nation as a whole.
In light of above statement write a report covering following areas:
- Different Wages Payment plans available for wages Payment.
- Laws Governing the payment of wages to workers in Oman.
- Procedures to control labour cost and avoid payment to ghost workers.
- Role of IT for wage calculation, wage payment and controlling wage cost.
- Different options for payments of wages, is there any other alternative to cash payment?
- Reasons for Labour Turnover and its solutions.