GEOGRAPHY AND HISTORY

  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...

  Time rate system is a method of wage payment where workers are paid according to the time they have worked for example per hour, day and month. The following are advantages or Merits of time rate system Encourages hard work in terms of working overtime. This is because workers put in more effort to earn more wages leading to high output produced. Better quality output is produced due to constant supervision of the work and absence of hurrying. Proper records of time are kept for easy or correct payment. Therefore, it becomes easy to calculate the wages given to the workers for example multiplying the wage rate by duration of work. Workers are encouraged to report in time for work. This implies that workers are selfdriven. Workers are able to receive regular wage payments. Employees receive wages even during periods of temporary idleness. Less efficient / slower workers who take more time easily earn high wages as all workers are paid same wage. Minimizes conflicts between workers...