Methods of wage payment : Labour Turnover
Methods of Wages Payment
The methods of remuneration can be classified into: 1. Time Rate System 2. Pieced Rate System 3. Incentive Schemes
1. Time Rate System: In this system, a worker is paid on the basis of attendance for the day or according to the hours of the day, regardless of the output. This system is also known as time work, day work, day age rate or day rate. The wage rate of the day worker may be fixed on hourly, daily, weekly, fortnightly, or monthly basis depend…
Job Evaluation
Job Evaluation - Meaning, Objectives and Methods
It is necessary for the management of any organization to establish proper wage and salary structure for various jobs. For doing this in a scientific manner, it is necessary to determine the relative value of jobs and hence a job evaluation is done. Job evaluation is a technique of analysis and assessment of jobs to determine their relative value within the firm. It aims at providing a rational and equitable basis for different…
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