HR strategy 2024

Compensation per pay period refers to the total wages an employee receives during a specific pay cycle.

Compensation is typically paid in regular intervals, such as weekly, bi-weekly, or monthly.

Examples of compensation include salaries, bonuses, health insurance, and retirement contributions.

Compensation pay refers to the wages and benefits employees receive for their work.

Negative benefits refer to perks that reduce employee satisfaction or add unnecessary costs.

Benefits can be considered part of an employee’s income, depending on their nature and taxability.

A defined benefit is a retirement plan that guarantees a certain amount of pension to employees.

A monthly allowance is an additional amount of money provided to employees to cover specific expenses.

HRA stands for House Rent Allowance, which helps employees cover the cost of their housing.

Basic salary refers to the core wage paid to an employee before any allowances, bonuses, or benefits.