Different methods of Wage Payments
What are the different methods of Wage Payments?
Expert
Wage plans are mainly micro plans and each company may devise any of the wage plans. Basically there are three methods for wage payments, viz.
The fundamental plans of wage payment are:
(1) Time rate wage system
(2) Piece rate wage system
(3) Balance and Debt System
The wage paid to labor has to perform important functions in the economic system. It should be such as to make the worker capable and willing to be efficient and involved in the job. There should be link, wherever feasible between emoluments and productivity; and fair parity between wage differentials and skill differential.
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