Each and everything you need to know about Incentive Plan as studied in Cost Accounting and Human Resource Management. Learn about: Incentive Plan:Halsey (And Halsey-Weir) Premium Plan, Rowan Plan, The Hour-to-Hour or 100% Bonus Plan, Taylor's Differential Piece Rate, Merrick Multiple Piece Rate, Emerson's Efficiency Plan, Gantt Task and Bonus System, Bedeaux or Points Scheme, Hayne's Plan, Barth Scheme, Accelerating [...]
The term 'wage' can be defined as the payment made to workers for placing their skill and energy at the disposal of an employer, the method of use of that skill and energy being at the employer's discretion and the amount of payment being in accordance with the terms stipulated in a contract of employment of service. Wage forms the [...]
The Term Wage - 'Wage and salary' are often discussed and used interchangeably. But ILO defined the term wage as - "the remuneration paid by the employer for the services of hourly, daily, weekly and fortnightly employees". It also means the remuneration paid to production and maintenance or blue collar employees. Wages and salary administration should be controlled by some [...]