METHODS OR SYSTEMS OF WAGE PAYMENT IN AN ECONOMY

 

  • Sliding scale system. This is where wages are adjusted according to the changes in the cost of living such that an increase in the cost of living leads to high wages while a decrease in the cost of living leads to low wages.

  • Bonus payment system. This is a situation where a worker is given an extra amount of money for producing beyond the expected target or working beyond the recommended time.

  • Profit sharing system. This is a situation where workers are encouraged to buy shares in the business and on top of their wages; they are entitled to dividends (profits).
    Or A mode of wage payment in which after deduction of costs of output except labour costs, from selling price, the employer shares profits with the employee in terms agreed to by both parties to the contract.

  • Time rate system. This is a method of wage payment where workers are pair-according to the time they have worked for example per hour, day and month. The system involves clocking in and clocking out.

  • Piece rate system. This is a method of wage payment where workers are pair according to
    the amount of work done. The more amount of work done, the higher the wages and less amount of work done, the lower the wages.

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