Krugman's Economics for AP
2nd EditionDavid Anderson, Margaret Ray
1,042 solutions
Principles of Economics
8th EditionN. Gregory Mankiw
1,333 solutions
Principles of Microeconomics
7th EditionN. Gregory Mankiw
881 solutions
Essentials of Investments
7th EditionAlan J. Marcus, Alex Kane, Zvi Bodie
425 solutions
What is employee pay system?
Salary systems – also referred to as compensation plans or pay structure – are a collection of steps, policies and practices employers use to pay employees for their work. Salary systems consist of more than producing a weekly, biweekly or bimonthly paycheck.
Under which wage rate system the worker are paid on the basis of unit output?
Piece Rate System:
Under this system the worker is paid on the basis of output i.e., amount of work done. The earnings of the workers are governed by the production quantities and wage rate per piece. The rate of wages is fixed in advance.
What are the main types of pay system?
There are several pay systems. The most common include pay grade levels, pay grade scales, going rate model, and the management fit model.
What is basic rate system of pay?
Basic-rate systems pay workers a fixed amount on an hourly, weekly or monthly basis. These are simple to operate but do not offer many incentives to workers. Variable or incentive schemes are where all or part of a worker's pay is based on performance, skills, results and/or profits.