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In calculating an appropriate piece work rate, employers must keep track of average productivity rates for specific activities and set a piece work rate that ensures that all workers are able to earn minimum wage. [12] If a worker earns less than the minimum wage, the employer has to pay the difference.
Time Rate Systems. Time Rate System: Under this system, the worker is paid by the hour, day, week, or month. High Wage plan: Under this plan a worker is paid a wage rate which is substantially higher than the rate prevailing in the area or in the industry. In return, he is expected to maintain a very high level of performance, both quantitative ...
For the calculation of wages piece-rate lists were universally employed as regards the payment of full weavers and mule-spinners; some piecers got a definite share of the total wage thus assigned to a pair of mules, while others were paid a fixed weekly amount. Many ring-spinners were mainly paid an hourly wage.
A predetermined motion time system (PMTS) is frequently used to perform labor minute costing in order to set piece-rates, wage-rates or incentives in labor oriented industries by quantifying the amount of time required to perform specific tasks under defined conditions. Today the PMTS is mainly used in work measurement for shorter cycles in ...
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All four rate plans charge a premium for electricity used during the peak hours of 4 p.m. to 8 p.m. on weekdays. And they all offer a discounted rate on electricity used between midnight and 6 a.m ...
The piece-rate approach to wages had been introduced in the first Five-Year Plan in 1928 and had changed very little since then. In practice the piece-rate system led to many inefficiencies in Soviet industry. [8] One issue was the vast bureaucracy that was involved in administering wage payments.
The Fed rate influences mortgage rates indirectly. When the Fed adjusts its federal fund rate , it impacts banks’ borrowing costs. This change ripples through the bond market, affecting bond yields.