Financial Remuneration Packages for Employees:

1. Base Pay:
   This is a remuneration received by employees, usually as a wage or salary. It is calculated per the number of hours employees spend on a job.
2. Bonus:
   This is a periodic payment made to employees depending on the performance of an individual, team, or the organization as a whole. A bonus is paid to encourage individuals and teams to offer their optimum performance.
3. Merit Pay:
   This is a remuneration package that links employee pay increases to ratings on performance appraisal results. The main purpose of merit pay is to reward employees whose job performance cannot easily be quantified in units, and is most common for white-collar employees.
4. Gainsharing:
   This is a group incentive plan that measures employees’ contribution to increased productivity and effectiveness and rewards them accordingly. Gainsharing facilitates the distribution of a portion of the financial gains made by the company as a result of employees’ efforts.
5. Cost of Living Allowance (COLA):
   This is a financial incentive offered to employees to cushion them against rising expenditure due to economic uncertainties. COLA is mostly calculated as a percentage of an employee’s salary or as a flat figure for all employees.