Employee's Benefit - Assignment Example

Employees benefit Employees benefit Question a. Annual leave An annual leave is the time off duty given to an employee by his or her company or employer in order to be utilized in employee beneficial ways, such as taking a break after working for one full year. Conversely, casual labourers may not receive an annual leave, but they are given higher pay to compensate. Also, the casual labourers are put in shift system where they work half a day or day and night including holiday working shifts. Employees taking an annual leave may be paid or not depending on the company work policies. In Australia, annual leaves are attributed to approximately 20 days away from work or an equivalent of 4 weeks (Working in Australia, n.d.). Ultimately, in the case that an employee contract is ended, he or she must be paid for the unclaimed annual leaves. b. Bonuses/Incentives Bonuses and incentives are forms of variable payments which are not factored into the basic salary associated to an employee or company accomplishment. An incentive entails a form of payment that individuals or companies are given if they meet an agreed upon objective. Bonuses are forms of payments applied in order to boost the general employee’s performance or actions with an aim of reaching a set goal(s) (Working in Australia, n.d.). Incentive/bonus entails monetary or non-monetary models. Monetary bonuses/incentives entail a portion of the profits made from an exceptional job done. Non-monetary entails factors, such as privileges, membership bonuses, discounts or leaves. c. Superannuation This entails a formal procedure where employees living in Australia and are between 18 to 69 years can have finances accessible to them during retirement age. This entails a state-organised and fostered program that entails compulsory minimal contributions to worker’s superannuation fund (Australian Government, n.d.). In particular, the employers are required to contribute a certain amount of worker’s salaries which should be above $450 or more per month into the superannuation fund. d. Fringe benefits This entails a kind of benefit scheme given to the workers or his group members which imply that the workers of a company must have an account for any fringe benefits (Australian Government – Australian Taxation office, 2014). For example, superannuation funds, remote housing benefits, worker relocation expenses and other minor benefits below $300 in value, such as clothes, personal tools or equipment form part of Fringe benefits. e. Salaries and wages A salary is the basic amount of money that an employee is supposed to get annually. Wages entail payments given to employees who undertake informal jobs that need minimal educational qualification. This group of workers who receive wages work causally on account of hourly. Additionally, people working for causal jobs in Australia are entitled for approximately $606.40 in a week. The wages level varies on account of age of the employees (Australian Government – Fair Work Ombudsman, n.d.). f. Novated leases This entails a lease agreement between an employer, worker and a leasing company. This is attributed to a situation where an employer obtains a lease from a leasing company and consent to taking over the employee’s accountabilities in the lease (Taxpayers Australia Limited – Superannuation Australia, 2014). There are three types of novated leases, a finance lease, where only the car is is leased, a completely maintained lease, where a car and the successive costs are integrated in the lease and a completely maintained novated operating lease where the car and its successive costs are integrated in the lease, and the outstanding value risk is taken up by the lessor. Question 2 Legislation Title Description How does it affect remuneration/benefits 1. Minimum wages According to the Fair Work Act (2009) of Australia every employee is entitled to a legally accepted amount of minimum wage on account of the working period, hourly, monthly or yearly (Australian Government – Fair Work Ombudsman, n.d.). This ensures that every worker achieves fair wages on account of their inputs or efforts at work. Also, it ensures that employers adhere to proper payment schedules for the employees. 2. Income tax rules The Australian Government acquires its tax from the total income in a year acquired under the following aspects: Financial year 2012-2013-2014-2015 This helps in ensuring that every worker or employer pays taxes to the Government of Australia. 3. Anti-discrimination acts According to, the Australian Human Rights Commission (2007), the following are the legal acts that help control forms of discrimination in Australia: Age Discrimination Act 2004, Australian Human Rights Commission Act 1986, Disability Discrimination Act 1992, Racial Discrimination Act 1975 and Sex Discrimination Act 1984. This law helps protect Australian workers from any forms of discrimination in employment or when learning. Additionally, access to goods and services should be free and fair for everyone in Australia. References Australian Government. (n.d.). Superannuation: Helping you find government information and services. Retrieved on March 6, 2015, from: http://www.australia.gov.au/topics/economy-money-and-tax/superannuation Australian Government – Australian Taxation office. (2014). Employers: Fringe benefits tax (FBT). Retrieved on March 6, 2015, https://www.ato.gov.au/Business/Employers/Preparing-to-engage-workers/Fringe- benefits-tax-%28FBT%29/ Australian Government – Fair Work Ombudsman. (n.d.). Minimum wages. Retrieved on March 6, 2015, from: http://www.fairwork.gov.au/pay/minimum-wages Australian Human Rights Commission. (2007). A guide to Australias anti-discrimination laws. Retrieved on March 6, 2015, from: https://www.humanrights.gov.au/guide-australias-anti-discrimination-laws Taxpayers Australia Limited – Superannuation Australia. (2014). Novated leases and FBT explained. Retrieved on March 6, 2015, from: http://www.taxpayer.com.au/article/10209/Novated-leases-and-FBT-explained Working in Australia. (n.d.). Annual leave in Australia. Retrieved on March 6, 2015, from: http://www.workingin-australia.com/jobs/job-tools/annual-leave ASSESSMENT 2: PROJECT – DESIGING A REMUNERATION PACKAGE Introduction The following paper presents a salary package and a remuneration outline which was created for the New Manager of Asia Pacific, which is an International Company of Coca Cola Amatil held in Queensland Australia. Remuneration package Question 1 organisational strategic objective The Coca Cola Amatil Company has 25% part of share market in bottled water in Australia which adds up to the following brands Vitamin water, Pump and Franklin (Coca Cola Amatil). The strategic goal is to boost the market percentage of the bottled water in Australia by approximately 5% by the end of the financial years 2014-2015. Question 2 Salary structure Any job offered in Australia falls under the Australian and New Zealand Classification of Occupations of 2013 (ANZCO). In our case the Managing Director will work and receive payments as the CEO of the Asian Pacific nations. With regard to the requirements, the job will be conducted in the Queensland, in Brisbane city. This is a centralized point where many businesses are carried out. The category of salaries revolves under the $88000 Australian dollars annually. On the other hand, the remuneration outline that chief executives will acquire entails no financial benefits, shares or allowances, as illustrated in the yearly reports of 2009 (Coca Cola Amatil). Additionally, with regard to the Yan Chen handbook record, the remuneration position will be accounted on roughly 25%. This percentage is placed with an aim of luring new workers who will be required to achieve set goals and objectives in order to acquire promotions and salary increase. This means that the starting salary will be $60000 which can go up to $20000. Question 3 References of salary and remuneration In order to have the correct figure of the salary range, the following platforms were utilised: a PayScale was employed to determine the average salary for an Executive Director of a company in Australia, on about $170 who does not receive bonuses and benefits (PayScale, n.d.). Additionally, Careeone (n.d.), website was used to find the general salary for Executives in Australia which pointed out roughly $120000 to 135000 annually. Finally, Seek.com was used to determine the general salary expectation for professionals in similar position, which pointed out approximately $150000 to 20000. Question 4 Type of employment This is a fulltime employment where the employee is expected to adhere to the work policies of the company. Additionally, the employee is expected to work hard to achieve the company goals and objectives, which include pushing the company mission and vision. The employee is expected to adhere to the following roles: Establish goals, strategies, policies and programs that aims at achieving the set company goals Offer the general management and control Managing the company resources adequately and effectively with regard to the company rules and polices Monitor employee performance and company accomplishment on account of the set company policies. Work in connection with the senior directors of the company Represent the company in forums, seminars or conferences Ensure that the organisation adheres to the company policies and set rules Question 5 Other benefits As indicated in the topic two of this paper, the Coca Cola Amatil (n.d.) offers a number of benefits to its workers which entail the salary package. In particular, a manager will acquire the following benefits: Accommodation with close proximity consideration from the house to the company. This will favour the executive director with regard to taking part in meetings and seminars with ease. Provision of technological equipment to enable the executive director to manage the work record with ease, such as a laptop, tablets or mobile phones Provision of transportation services, such as when required to travel to meeting venues across the city or making flights out of town or to the company’s headquarters Provision of allowances that will facilitate minor expenses during meetings with clients or managing minor cleaning Provision of shard outline of an agreed number of shares for an employee who has worked for approximately one year. Provision of bonuses of monetary and nonmonetary incentives, which include shares, travels, flights and superannuation funds. Also, the employee is entitled to promotions in the case that he or she shows achievements or general increase in performance. This will be 5% of any value above 5.1 will amount to a bonus at 10% of the profit which can be considered as increase of salary or superannuation fund. Question 6 Superannuation The Australian Law stipulates that the minimal contribution to the employee’s superannuation fund by the company should be a static 9.25% of the yearly salary. However, this figure is bound to increase down the year until 12% in the year 2020. Further contributions may be subject to an agreement between the employer and the employee. Question 7 consultations more options If consultation is necessary then the following people in these positions will be consulted in order to provide alternatives that regulate the budget and responsibilities of the position. They include the following: CEOs: objectives and roles Human resource: Job descriptions Remuneration committee: salary outlines and salary package Financial manager: Budget and salary Legal departments: Australian laws and regulation on the subject of salary, tax and superannuation. Question 8 communication to attain accord Subsequent to conducting an interview and selection process, Joe Lin will create a meeting with the HR department where the salary expectations will be addressed in addition to the job description. After looking keenly into the information, he will meet the regional director or any other director who will be in possession of the report. The second meeting will deliberate on the issue of salary and remuneration roughly during lunch. Whereas, the third meeting will be deliberated in the offices of the directors where signing of the contracts will be conducted and completion of the pending legal matters. Question 9 aligning of the remuneration package with budget It has been pointed out in the question 2.4 and 5 that the salary and remuneration package will adhere to the yearly budget, considering that it is discriminated: Included into the fixed salary package Non included into the fixed salary package Basic salary $60000 Benefits Up to $14000 Superannuation 9.25% of yearly salary of up to $18500 Bonuses Relies on the performance from yearly reports which could account for $30000 yearly Profit arising from shares Relies on the present number of shares from yearly reports they could stand for more than $150000 yearly Total $200000 Roughly $190000 Question 10 Legislation and organisational policies In order to ensure that this document adheres to the legal and organisational policies, the following documents and reports were reviewed and applied as reliable references. Factor Name Description Coca Cola Amatil Yearly reports of the year 2009-2013 Salary records, remuneration reports and financial accounts Fact book 2009 Result of Shared Market ANZSCO Australian and New Zealand Standards Classifications of Occupations Classification and Job Description of the Asia Pacific Manager Superannuation Obligatory contributions Australian Government Fair Work Australia Equal Employment Opportunities and Anti-discrimination Conclusion In conclusion, the salary package, which includes the remuneration and benefits has been outlined to modify the one for the new Managing Director for the Asia Pacific Region and indicates that it is competitive as compared with the market trends. This remuneration scheme fosters the worker to work even harder in order to achieve the set goals and benefits set. References Careeone. (n.d.). Experienced Executive Assistant - Director Level: Make an Immediate Impact. Retrieved on March 6, 2015, from: http://jobview.careerone.com.au/Experienced- Executive-Assistant---Director-Level-147318463.aspx Coca Cola Amatil. (n.d.). Australia. Retrieved on March 6, 2015, from: http://ccamatil.com/OURBRANDS/Pages/Australia.aspx PayScale. (n.d.). Salary Data & Career Research Center (Australia). Retrieved on March 6, 2015, from: http://www.payscale.com/research/AU/Country=Australia/Salary Sleek (n.d.). Solutions for high techs Tests. Retrieved on March 6, 2015, http://sleek.com/ Read More