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Compensation Management - Coggle Diagram
Compensation Management
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National Wage Council
The National Wages Council (NWC) is a tripartite body in Singapore who develop wage guidelines to help lto help businesses and workers respond to economic changes and maintain a sustainable wage system.
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Progressive Wage Model
What is it
Developed by tripartite committees consisting of unions, employers and the government, the PWM helps to uplift lower-wage workers' wages.
Who it covers
Singapore citizens and Singapore permanent residents (PRs) working full-time or part-time under a contract of service.
How it works
Works by mapping out clear wage standards and career progression pathways for workers in specific sectors
Compensation management is the process of planning, examining, and determining employees' monetary and non-monetary benefits, including base pay, employee benefits, and incentives provided by an organization.