Elements of Wages.

Q42. Discuss the elements of wages.
Ans. Element of wages are classified into two categories:

  1. Monetary: Which are paid in the form of money. It includes:
    1. Basic wages,
    2. Overtime wages,
    3. Dearness allowance,
    4. Special allowance,
    5. Production bonus,
    6. PF and ESI,
    7. Holiday and leave wages,
    8. Night Shift allowance etc.
  2. Non Monetary:
    1. Medical facilities,
    2. Occasional and training facilities,
    3. Recreational and sports facilities,
    4. Housing and social welfare,
    5. Cost of subsidized canteen etc.

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