Wage Payment Systems
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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Wage Payment Systems are the different methods adopted by organizations by which they remunerating labour. There exist several systems of employee wage payment and incentives, which can be classified under the following heads : Time Rate Systems:o Time Rate System: Under this system, the worker is paid by the hour, day, week, or month.o High Wage plan: Under this plan a worker is paid a wage rate which is substantially higher than the rate prevailing in the area or in...
Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Wage Payment Systems are the different methods adopted by organizations by which they remunerating labour. There exist several systems of employee wage payment and incentives, which can be classified under the following heads : Time Rate Systems:o Time Rate System: Under this system, the worker is paid by the hour, day, week, or month.o High Wage plan: Under this plan a worker is paid a wage rate which is substantially higher than the rate prevailing in the area or in the industry. In return, he is expected to maintain a very high level of performance, both quantitative and qualitative.o Measured day work : According to this method the hourly rate of the time worker consists of two parts viz, fixed and variable. The fixed element is based on the nature of the job i.e. the rate for this part is fixed on the basis of job requirements. The variable portion varies for each worker depending upon his merit rating and the cost-of-living index.
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