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International Remuneration (Factors affecting rewards in Singapore…
International Remuneration
Definition
all forms of monetary and non-monetary rewards
foreign employees and employees posted to an overseas location receive from their employer
in exchange for labour and commitment
Types of Employees
Host-Country National (HCN)
Parent-Country National (PCN)
Third-Country National (TCN)
Objectives
attract, retain and motivate employees
consistent and reasonable relationship between pay levels of employees at headquarters and foreign subsidiaries
facilitate transfer of international employees in most cost effective manner
Three Expatriate Approaches
Home-Based (Balance sheet approach)
Host-Based
Global Market
Components in an International Remuneration Package
Education Allowances for Children
Tax Equalisation Payment
Spousal Assistance
Base Salary
Cost-of-living allowance
Housing and utility allowance
Incentive premium
Hardship allowance
Relocation allowance
Separation allowance
Factors/international issues that affects the design of International Remuneration
Internal factors
Job requirements
Organisational culture
Workforce characteristics
External factors
Legislation
Laws/Acts
Culture/Religious
Values/beliefs
Social customs
Factors affecting rewards in Singapore
Legislation
National Wage Council Recommendations
Company's Ability to Pay
Company's Rewards Policy
Union Influence