What are the various methods of remunerating the workers?

What are the various methods of remunerating the workers? List them.


Various methods of remunerating the workers are:

1)Remuneration on Time Basis.

2)Remuneration on Work Basis.

3)Incentive/Bonus Systems.

a.) Individual Incentive Systems
b.) Group Incentive Systems.

4)Indirect monetary remuneration

a.) Profit sharing
b.) Co-partnership

5)Non-monetary incentives
Explain time rate system of remuneration
Under Time Rate System, a worker is paid at a specific rate on the basis of time attended irrespective of the production achieved by him..
Explain payment by results system of remuneration. What are its sub-methods?
Taylor Differential Piece Rate System, Merrick Differential Piece Rate System , Gnatt Task Bonus System…
Define methods of premium payment - Hasley Premium Method, Hasley Weir Premium Method, Rewan Premium System
Hasley Premium Method, Hasley Weir Premium Method, Rewan Premium System …
Post your comment