The wage payment is an important factor affecting the labor management relations. Workers are very much concerned with the rates of wages as their standard of living is linked to the amount of remuneration they get. Managements, however, do not come forward to pay higher wages because cost of production goes up and profits decrease to that extent. A number of factors, thus, influence the remuneration payable to the employees. The factors influencing Wage and Salary Administration can be categorized into (i) External Factors and (ii) Internal Factors. Show
1. External factors influencing Wage and Salary Administration
2. Internal factors influencing Wage and Salary Administration
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What are the factors influencing wage and salary administration?Factors influencing wage and salary structure of an organization. The organizations ability to pay.. Supply and demand of labour.. The prevailing market rate.. The cost of living.. Living wage.. Productivity.. Trade unions bargaining power.. Job requirements.. Which of the following external factors influence wage and salary level?1. External Factors: These are demand and supply of labour, cost of living, society, labour unions, legislation, economy and compensation survey.
Which of the following factors is not an external influencing factors in wage and salary?Ability of organization to pay.
Which of the following is an external factor that influences wage rates?External factors influencing wage rates include labour market conditions, area wage rates, cost of living, the outcomes of collective bargaining, and legal requirements.
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