Q42. Discuss the elements of wages.
Ans. Element of wages are classified into two categories:
- Monetary: Which are paid in the form of money. It includes:
- Basic wages,
- Overtime wages,
- Dearness allowance,
- Special allowance,
- Production bonus,
- PF and ESI,
- Holiday and leave wages,
- Night Shift allowance etc.
- 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.