Employee Remuneration – Award Wages
Compensation received in the form of currency for services offered or work performed by an employee or worker is as we all know called wages, Wages is a fixed amount of money an employee receives based on the pattern he gets paid (hourly, Daily, Weekly, Bi weekly, Monthly).
Every nature of business has their own set of wages based on guidelines laid by the federal agencies to give equal opportunities for employees. Similarly there are various other kinds of wages meant for the benefit of both the employee and the employer.
Various kinds of wages
Minimum wages as the name suggests is the lowest wages payable to an employee for a particular nature of work. Minimum wages is a pay rate set for workers for completing a particular job with the desired results in the given time frame.
Award wages which are pay rate that is set by the industrial court or by a tribunal for a particular Job. Award wages are also payable for exceeding an organizations standard.
Average wages are usually paid to employees for a particular skill set and average performers to avoid inequality amongst workers
Similarly higher wages are paid to a lot of skilled employees based on their ability, knowledge, skills, and determination to work. Their contribution is much more than the average performers and to recognize the same are paid higher wages.
Australian wages are set as per the standards of the federal or fair pay commission apart from that employees also work on wages agreement made by the employers under a written contract.