System of Wage Payment
Strictly speaking, there are only two basic methods of wage payment, viz., wages based on the time spent in the factory, and wages based on the quantum of work turned out. These are thus known respectively as the ‘time wage’ and the ‘piece wage’ methods of remuneration. Since each of these has its own advantages and disadvantages, attempts are made to combine the two, mainly with a view to overcoming their disadvantages. We have therefore, the premium bonus or the incentive schemes which may either be considered to be merely variations of the two, or as another of wage payment. These three methods may also be re-classified into only two groups, viz., the time wage system and the payment by results.
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]
Latest posts by BMS Team (see all)
- Meterdown Annual Festival is back with its 7th edition – Starts today! - January 16, 2020
- Tybms sem 6 results 2019 declared on 19th June 2019 - June 19, 2019
- TYBMS Sem 6 Results 2019 Update from BMS khabri! - June 15, 2019
6 Comments