Remuneration is defined as the total earnings of the employee in return for their work. Along with the basic salary, it also includes commission, bonus, overtime pay, and any other financial benefits an employer offers the employee.
Total remuneration is the annual remuneration package that is paid to the employees, including both financial and non-financial compensations. It generally includes the base salary, bonuses, PF plans, and other non-financial compensation benefits like health insurance, time-off, gym, and club memberships.
Salary is the minimum amount the employee is paid for the job without any statutory additions or deductions. At the same time, remuneration is the sum of the salary and the statutory deductions and additions to be given.
Remuneration can be categorized into two:
They include all the financial compensations like base salary, bonus, and incentive pay.
They include all the non-financial compensations like insurance, health check-ups, memberships