There are different methods of wage payments. Wages are paid for work done and this is sometimes measured by the time worked i.e. according to the period of time the worker is employed, and sometimes by output. The former is called "piece wages" and the latter "time wages". Under "time wages" or time rates a definite sum is paid for [...]
The following points highlight the top three methods of wage payments. The methods are: 1. Time Rate System 2. Piece Rate System 3. Incentive Wage System. Method # 1. Time Rate System: Under this method of wage payment, the workers are paid the wages on the basis of time. In this system of wage payment, the workers are paid the [...]
When time and piece rates are combined, the system of wage payments are known as either progressive system of wage payments or premium Bonus systems. Mr. Cadbury and employers discovered that a certain percentage of workmen have a special capacity for speed, and will always earn about 20 per cent above the average, if they are given the chance to [...]