Remuneration means the total reward that an employee receives as a payment for his/her service. It may not be limited to a basic salary but may comprise bonus, commission, over-time pay, allowances, insurance, vacations, pensions, etc. The nature of remuneration package would depend upon the employer, nature of the job position, terms and conditions of employment, and organizational policies. This can assist in making comparisons of different employment opportunities based on their total package rather than the basic salary alone. This would enable organizations to design remuneration packages that could entice and retain employees. Further elaboration of remuneration, its various forms, differences between salary and wages is provided in the Managetrix guide.
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