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Industrial Management Homework Help


Wage Incentive Plans


Halsey Premium Plan












HALSEY PREMIUM PLAN



In this plan incentive is given to a worker, who is fast and completes work before the standard time to complete a job, However, a minimum base-wage is guaranteed to a worker, who completes the job up to the standard time, fixed for this job.



Example



Let Standard time : S hours



Time taken by worker : T hours



Wage rate : Rs. R per hour



Incentive or premium : Wages for 1 percentage of time

saved at a rate of R per hour



Wages to be Paid to a Worker (W)



(i) When T > S



W = TR + R (S – T)/100



(ii) When T < S



W = SR



Advantages of Halsey Premium Plan



(i) Simple



(ii) Beneficial to efficient worker



(iii) Causes no harm to new worker, trainee, or slow worker



(iv) Management shares benefits of over-achievement by workers



(v) Minimum base-wage is guaranteed.







Disadvantages of Halsey Premium Plan



(i) Workers get only a percentage of return on their over-achievement (for example: 1% in above example).



(ii) Due to undue importance on over-achievement quality suffers.



(iii) Management gets wrong picture of worker’s ability.



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Category




Minimum Guarenteed Base Wage
Halsey Premium Plan
Merrick Multiple Piece Rate Plan
Types of Wage Incentive Plans
Time Rate Method
Straight Piece Rate Method
Differential Piece Rate System
Rowan Plan
Wage Incentive Plan Objectives
Emerson Efficiency Plan
Bedeux Point Plan
Basis of Wage Incentive Plan
Gantt Task and Bonus Wage Plan























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In this plan incentive is given to a worker, who is fast and completes work before the standard time to complete a job, However, a minimum base-wage is guaranteed to a worker, who completes the job up to the standard time, fixed for this job.