What are the Principles of Remuneration ?

The word Remunerate means to pay an equivalent for a service, loss or expense.

Remunerate means to pay someone, and remuneration means the pay that you receive for a service.

Principles of Remunerations are:-

1. It creates good relation between workers and management;
2. Employees get motivated;
3. It declines the labor turnover rate;
4. Employees feel satisfied with their wages and thus contribute their best effort;
5.  It raises the standard of living of the employees; and
6.  It develops the society indirectly.