Methods of wage payment
Methods of wage payment 1. Time Rate System: 2. Piece Rate System: 3. Incentive Wage System: 2 types or kinds or methods of incentive plans 1) Individual incentive plan 2) Group incentive plan It may either be time based or production based. Under time based plan a standard time is fixed for doing the job. A worker is said to be efficient if he completes the job in time and he is given the reward for his efficiency. Individual Incentive Plans: (a) Halsey Plan: F.A. Halsey, an American engineer has suggested this wage incentive plan in the year 1891. · Min. wage is guaranteed. · Additional bonus is provided to workers who complete the job in less than the “standard time ”. Bonus is a certain proportion to the time saved. This proportion is fixed at 50% in this plan. · ...