what is remuneration package

what is remuneration package

1 year ago 37
Nature

A remuneration package is a complete bundle of pay, benefits, and perks given to an employee in return for their services or work. It includes not only the base salary but also other forms of compensation such as bonuses, commission payments, overtime pay, and other financial benefits. Remuneration packages can vary between organizations and for different positions, and they can typically include a range of options and incentives in addition to the employees salary. These benefits and incentives may be offered to suit the level and nature of the role and make the position attractive and competitive in relation to the job market. Remuneration packages are typically negotiated during the hiring process and are reviewed during the employees annual evaluation or when an employee is promoted. They can be part of a companys retention strategy and can have a direct impact on an employees job satisfaction, morale, drive, and productivity.

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