The various methods which the government has adopted to regulate wages in India are the following: 1. Prescribing Minimum Rates of Wages 2. Preventing Discrimination in Remuneration on the Ground of Sex 3. Regulating Payment of Wages 4. Compulsory Conciliation and Arbitration of Wage Disputes 5. Setting up Wage Boards 6. Pay Commissions. Method # 1. Prescribing Minimum Rates of [...]
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 [...]