Factors Governing a Satisfactory system of Wage Payment

Advertisement

The following factors should be considered while evolving a suitable and a successful system of wage payment.

 

a)      The system should depend upon the nature of the worked and the efforts involved.

b)      It should guarantee a minimum living wage to ensure a satisfactory standard of living.

c)      It should be based upon a scientific time and motion study.

d)      It should be capable of being understood by al the employees.

e)      It should be flexible and capable of being adapted to changed circumstances.

f)       Its incidence on the cost per unit should be such that it does not form a considerable proportion of the total cost per unit to deprive the employer of a fair margin of profit, given the market price of the commodity produced by concern.

g)      It should reduce the labour turnover.

h)      The cost of working the system should be the least.

i)        It should boost employee morale.

j)        It should be acceptable to trade unions.

k)      It should be correlated to the capacity of the concern to pay.

 

Advertisement
The following two tabs change content below.
We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites! If you want to join us, please mail to [email protected]
0 Comments

Leave a reply

BMS.co.in is aimed at revolutionising Bachelors in Management Studies education, also known as BMS for students appearing for BMS exams across all states of India. We provide free study material, 100s of tutorials with worked examples, past papers, tips, tricks for BMS exams, we are creating a digital learning library.

Disclaimer: We are not affiliated with any university or government body in anyway.

©2020 BMS - Bachelor of Management Studies Community 

A Management Paradise Venture

Ask Us On WhatsApp
or

Log in with your credentials

or    

Forgot your details?

or

Create Account