Total remuneration
It refers to the total sum of an employee’s annual compensation package.
Total remuneration = Total direct compensation + Allowances
Example:
Let's say we have an employee that received last year the following gross amounts:
- Basic pay (salary) per month- 1000
- Christmas bonus - 1000
- Performance bonus - 2000 - twice a year
- Sales bonus - 3000 - once a year
- Meal vouchers - 300 per month
- Fuel allowance - 1400 per year
All of the above are elements of total remuneration.
Total remuneration = (1000 x 12) + 1000 + (2000 x 2) + 3000 + (300 x 12) + 1400 = 25000
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