Question

Name the different types of remuneration system and explain each one of them

Name the different types of remuneration system and explain each one of them

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Answer #1

Remuneration is a kind of payments. it can be present payments or likely to be made in future. Remuneration could be in kind as well. Following different types of remunerations:

  • Salary: it is paid usually annually or monthly. it can be paid on weekly basis as well.
  • Hourly rate: Some workers are paid hourly rates. Payments are made based on number of hours service provided.
  • Bonuses: Firms time to time offer bonuses to its workers.
  • In kind compensation: it is related to in kind compensation such as car facilities of transportation.
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