Archive | Wage

Estimation of Industrial Wages in India | Workers | Industrial Management

This article throws light upon the twelve main determinants used for estimating industrial wages in India. The determinants are: 1. Living Wage 2. Nutritive Needs 3. Family Budget Inquiries 4. Relative Wages 5. Leap-Frogging 6. Equal Remuneration for Work of Equal Value 7. Capacity of Industry to Pay and Profits 8. Capacity of Individual Undertakings […]

Incentive Wage Plans for Workers | Wage Plans | Personnel Management

This article throws light upon the six main types of incentive wage plans for workers. The types are: 1. Halsay’s Plan 2. Rowan Plan 3. Taylor’s Differential Piece Rate System 4. Gant’s Plan 5. Merrick’s Multiple Piece Rate System 6. Beadux Plan. Type # 1. Halsay’s Plan: It was formulated in 1891 by Mr. F.A, […]

Wages: Definition and Factors Affecting It | HRM

In this article we will discuss about the definition of wages and factors affecting it. Definition of Wages: Wages can be defined as a sum of money paid to the staff by the employer for rendering services as per a contract. According to minimum wages act 1948, wages means all remuneration, capable of being expressed […]

Methods of Wage Payments to Employees | Human Resource Management

Some of the systems of wage payments commonly used are: 1. Time Rate System 2. Piece Rate System 3. Combination of Time and Piece Rate System. Method # 1. Time Rate System: Time rate system is the simplest and oldest method of wage payment. According to this system, the workers are paid in accordance with […]

Types of Incentive Plans | Wages | Human Resource Management

The various incentive plans can be classified into two groups: 1. Individual Incentive Plans 2. Group Incentive Plans. Type # 1. Individual Incentive Plans: Under individual incentive plan, individual employee is paid incentive on the basis of individual performance or output. The employers are liable to pay incentives to those employees who are producing more […]

Wage Incentive Plans: Requirements, Objectives and Types

After reading this article you will learn about:- 1. Introduction to Wage Incentive Plans 2. Requirements of Wage Incentive Plans 3. Objectives 4. Types 5. Drawbacks. Introduction to Wage Incentive Plans: Wage incentive plans reward an employee for his good job-performance. The various aspects of job-performance are: (i) Product Quantity; (ii) Product quality; (iii) Utilisation […]

Top 13 Essentials of a Sound Wage Plan for Workers

This article throws light upon the top thirteen essentials of a sound wage plan for workers. Some of the essentials are: 1. Equitable to All 2. Fair and Adequate Compensation 3. Simplicity, Certainty and Flexibility 4. Incentive Wages 5. Merit Rating 6. Minimum Guaranteed Earnings Base Rate 7. Easy Collective Bargaining 8. Wage Control 9. […]

Piece Wage System: Meaning, Advantages and Disadvantages

After reading this article you will learn about:- 1. Meaning of Piece Wage System 2. Features of Piece Wage System 3. Conditions Favouring 4. Advantages 5. Disadvantages. Contents: Meaning of Piece Wage System Features of Piece Wage System Conditions Favouring Piece Wage System Advantages of Piece Wage System Disadvantages of Piece Wage System 1. Meaning […]

Time Wage: Meaning, Features, Advantages and Disadvantages

After reading this article you will learn about:- 1. Meaning of Time Wage 2. Chief Features of Time Wage 3. Conditions Favouring 4. Advantages 5. Disadvantages. Contents: Meaning of Time Wage Chief Features of Time Wage Conditions Favouring Time Wage Advantages of Time Wage Disadvantages of Time Wage 1. Meaning of Time Wage: Time Wage […]

Wage Incentive Plan: Meaning, Requirements and Components

After reading this article you will learn about:- 1. Meaning of Wage Incentive Plan 2. Requirements of Wage Incentive Plan 3. Characteristic 4. Chief Objects 5. Components. Contents: Meaning of Wage Incentive Plan Requirements of Wage Incentive Plan Characteristic of Wage Incentive Plan Chief Objects of Wage Incentive Plan Components of Wage Incentive Plan 1. […]

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