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 9. Company Accounts and Public [...]
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, Halsay of America. The plan [...]
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 than the standard output. Individual [...]