Factors Governing a Satisfactory system of Wage Payment
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.
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