Question

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

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.