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.
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