What methods are used to pay an employee in an organization?

What methods are used to pay an employee in an organization?

There are many methods which are used to decide the pay of an employee. These can be listed as:

a. Time-rate pay: when an employee is paid according to time he has worked. Wages are paid to the workers on time basis irrespective of the quantum of production, at a specified wage rate.

b. Piece-rate pay: This is a method in which an employee is paid according to production of pieces. A worker is paid a fixed piece rate for each unit produced regardless of time. Piece work is a form of performance-related pay.

c. Commission based pay: Commission salary is the money paid to an employee when he sell a product or service for a company.