1. Explain various individual and group reward systems in an organisation. What is the recent trend in reward system?
2. What are the salient features of the Payment of Bonus Act, 1965? The Act has no relevance in the present economic situation of the industry. Critically examine.
3. Discuss various methods of job evaluation.
4. Give an account of various types of compensation differentials. Compensation differentials have considerable economic and social significance for an industry. Discuss.
5. What are the key economic and behavioural issues developed by the wage theorists? Do wage theories prove relevant and useful for policy formulation either at the macro or micro levels? Discuss.
6. Write short notes on any three of the following:
(a) Voluntary retirement schemes
(b) Compensation survey
(c) Equal pay for equal work
(d) Competency based compensation
(e) Role played by international labour standards on wages
SECTION B
Please read the case given below and answer the questions at the end.
A financial institution has just decided to open a branch at Bhimunipatnam, an exclusive resort located about 20 miles from Welfare a large city.There is no bank at present in Bhimunipatnam.
The financial institution is anxious to determine the appropriate wage for the clerical staff it expects to hire. Clerks in the city office at Welfare receive a starting wage of Rs. 1,000 per month. As a matter of company policy these wages rates have been set at mid point of the range for financial institutions in welfare.
A survey at local business at Bhimunipatnam indicates that
the 'going rate' for qualified clerical
personnel varies between Rs. 1,200 – Rs. 1,400 a month.
This higher rate in Bhimunipatnam may be attributed, in part,
to the substantially higher cost of living in this resort town,
the limited number of young people seeking employment and the
fact that there are no other financial institutions in Bhimunipatnam.
Banks in welfare have traditionally paid lower wages than other
Businesses on that ground bank better working conditions and
higher prestige.
Questions:
(a) What amount, should the financial institution fix as its
hiring rate for clerical personnel?
(b) What factors should be considered in making the decision.