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Compliance with Legal Requirements Compensation laws and regulations can vary by country and region. An effective ECM system ensures that your company complies with all relevant laws, such as minimum wage act , overtime pay regulations, and tax obligations. Compliance helps avoid legal issues and potential fines.
Components of Compensation Management Base Salary: The predetermined amount that employees receive as regular compensation for their job duties. Benefits: Non-cash compensation such as health insurance, retirement plans, and paid time off. EquityCompensation: Stock options or shares provided as part of the remuneration package.
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