Salary Structure
Salary Structure is the methodical approach a company uses to decide and divide employee pay among many compensation elements.It methodically describes the makeup of the entire compensation package by including fixed pay, allowances, incentives, statutory deductions, and employee benefits.The salary schedule usually reflects the company’s compensation policies, employee level, business norms, and relevant legal requirements.
It includes :
- Fixed wage parts
- Variable salary and incentives based on performance
- Statutory payments and contributions
- Reimbursement and allowances
- Retirement and staff welfare benefits
Salary structure helps employees to understand the make-up of their pay package, enables good payroll management, and helps to guarantee equity and consistency in compensation policies.
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