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  Methods of Wage Payment

Introduction to Methods of Wage Payment

Labour is one of the important issues of production. The achievement of a concern relies on the efficiency of labour to a huge extent. Low wages do not essentially result in low cost of production. In fact there should be finest wages for remunerating labour and any single method cannot be suggested for all business concerns. Though, there are a number of factors that are to be referred carefully before adopting any specific method of labour remuneration.

Factors to be considered

1. The wage system has to be the finest combination of interest of both the employer and the employees. From the employer's opinion, the cost of labour should be the least with the utmost of qualitative output. From the worker's opinion, the wages should be fair and equitable and should be sufficient reward for the efforts put in through them. The workers should also be permitted to share the prosperity periods' profits in the form of increased bonus or wages.

2. H.J. Wheldon has correctly remarked Strikes and agitations have happen in which wages schemes are difficult, and not understood to the workers. Though, in promoting a unique method of payment care must be taken to observe that it is not only understood, but also acceptable like a reasonable one through the workers.

3. Workers must acquire a minimum wage under the system. Furthermore, the system should give incentives for a capable worker for arousing his interest further in the work. So, human factor should be provided due prominence.

4. The wage system should be simple to understand and easy to operate. Complex calculations might arouse suspicion in the minds of uneducated labourers.

5. Flexibility in the system of wage payment is a necessary factor to be measured so that the system might be changed properly whenever needed. The method of wage payment different from firm to firm and industry to industry relies on the nature of work and conditions prevailing under the firm or industry.

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