In this article we will discuss about the definition of wages and factors affecting it. Definition of Wages: Wages can be defined as a sum of money paid to the staff by the employer for rendering services as per a contract. According to minimum wages act 1948, wages means all remuneration, capable of being expressed in terms of money, which [...]
Some of the systems of wage payments commonly used are: 1. Time Rate System 2. Piece Rate System 3. Combination of Time and Piece Rate System. Method # 1. Time Rate System: Time rate system is the simplest and oldest method of wage payment. According to this system, the workers are paid in accordance with the time spent on the [...]
After reading this article you will learn about:- 1. Introduction to Wage Incentive Plans 2. Requirements of Wage Incentive Plans 3. Objectives 4. Types 5. Drawbacks. Introduction to Wage Incentive Plans: Wage incentive plans reward an employee for his good job-performance. The various aspects of job-performance are: (i) Product Quantity; (ii) Product quality; (iii) Utilisation of materials, plant, tools and [...]