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COMPENSATION MANAGEMENT (Types of Compensation for Individual Performance,…
COMPENSATION MANAGEMENT
Types of Compensation for Team/Group Performance
Using Individual/Company Wide Incentives Plans in terms of Group
Team Bonuses and Awards
Types of Compensation for Individual Performance
Piecework Plan
Sales Commission
Merit Pay
Types of Compensation for Organisational Performance
Gainsharing
Scanlon Plan
Improshare
Profit Sharing
Deferred Plan
Combination Plan
Current Plan
Types of Indirect Financial Compensation (Benefits)
Voluntary/Discretionary Benefits
Premium Pay
Leave Travel
Healthcare
Flexible Timings
Insurance
Payment for time not worked
Legally Required/Mandatory/Compulsory Benefits
Work Injury Compensation Act (WICA)
Employment Act
Central Provident Fund Act (CPF)
Workplace Safety and Health Act (WSHA)