Beruflich Dokumente
Kultur Dokumente
Time Wage System : In this system worker is paid on the basis of time spent on work irrespective of the amount of work done. The basis of this time may be hour, day, week or month. Wages = Number of hour worked * Rate per hour
Quality of work is more important that the volume Measurement of work is not convenient Production includes delay and interruption due to uncontrollable factors Where work require high degree of skill and dexterity Where work is of such nature that efficiency can only be measured by close supervision
Its easy to understand & simple to It makes no distinction between efficient operate and inefficient worker Workers are assured of minimum It offers very little wages irrespective of the output increased production incentives for
Management have to spend more time on assuring close supervision and thereby prevent wastage of time Workers try to work last as long as possible so that they can earn more. Thus, labor cost per unit is increased The system is unfair since wages and productivity are not correlated
Piece Wage System : In this system workers are paid at a stipulated rate per piece or unit of output. Here speed is the basis of payment instead of time. Wages = Number of units produced * Rate per unit Suitability of the Piece wage system
1.
When methods of production are standardized and the job is of repetitive nature.
2. 3.
When the job involves more physical work than the mental work. Where output can be measured and quality control system exists to discourage low quality production.
4.
of a fixed amount per fixed units produced without regard to the time taken. Thus,
Earnings = No of Units * rate per unit piece rate: In this system, rate per piece is
Differential
Piece rate with guaranteed time rate : Workers are paid minimum wages on the basis of time rates. It include any one of the following:
Guaranteed wages according to time rate plus a piece rate payment for units above a required minimum.
FRINGE BENEFITS
DEFINITION
Extra benefits provided to employees in addition to the normal compensation paid in the form of wage or salary.
Features
-
Employee demands- in view of the sharp increase in cost of living and for reduction in tax burden
2. 3.
Social security- against accidents, medical facilities etc. To improve human relations
To improve industrial relations To motivate the employees by identifying and satisfying their unsatisfied needs
Payment for time not worked Hours of work- Factories Act 1948- no more than 48 hours per week and not more than 9 hours per day
2. Employee security
Health benefits
-
Canteens-Factories Act 1948- more than 250 workers. Consumer stores Credit societies Housing Legal aid Employee counseling Welfare officers Holiday homes
Educational facilities
Transportation Parties and picnics
days of
Medical benefit
THANK YOU