No wage-period shall exceed one month. one month according to this act. IndexSr. Generally, an employer pays such employees on a daily basis as per the number of hours worked. The system's goal is to make sure that Federal trade, craft, and laboring employees within a local wage area who perform the same duties receive the same rate of pay. Hourly wage earners are able to get the wages on a daily basis because their pay is directly related to the number of hours worked. 3. Minimum Wage Method: Under this method, the minimum amount of wage is paid to the employee irrespective of the employer’s paying ability. 5. 2. Wages are determined on the basis of time spent by employees on the job. Time Rate and Piece Rate Systems of Wage Payment: Time rate system. It requires supervision to ensure that workers do not waste time. It is based on the concept that the wage is paid not for the bare sustenance of life, but for the preservation of the efficiency of the worker. The living wage: Criterion means that wages paid should be adequate to enable an employee to maintain himself and his family at a reasonable level of existence. 1. The following are the advantages of time rate wage system. One of the most important and difficult problem of Personnel management is to determine the rate of wages and salaries. Several types of pay systems can be implemented. Wage period for payment of wages to employees by employer should not exceed 30days i.e. A brief treatment of wage theory follows. Salary structures are an important component of effective compensation programs and help ensure that pay levels for groups of jobs are competitive externally and equitable internally. Wage payment system 1. no content 1 What is wage payment system 2 Importance & characteristics 3 Method and its application 4 comparison 5 conclusion 3. For full treatment, see wage and salary. Wage Payment System 2. 1. That means wage can be paid on daily, weekly, fortnightly (for every 15 days) and monthly only. Wage theory, portion of economic theory that attempts to explain the determination of the payment of labour. It does not distinguish between efficient and inefficient workers. Advantages of Time Rate System of Wage Payment. But wages cannot be paid for quarterly, half yearly or once in a year. However, employers do not generally favor using the concepts of a living wage as a guide to wage determination because they prefer to base the wages of an employee on his contribution rather than on his need. 2. This is the first step in setting up a pay system. The subsistence theory of wages, advanced by David Ricardo and other classical economists, was based on the The calculation of earnings is very easy and requires less clerical work. Salary and Wage Administration Functions and Responsibilities Intent. 3. A job evaluation system should be used to determine the relative value of one job to another. It is suitable where quality is important than quantity. The Salaries and Wages section of the Employees: Personnel Administration business area is intended to ensure consistent application of Research Foundation (RF) policies and procedures for salary and wage administration. A pay grade system sets up specific pay levels for particular jobs, while a going rate system looks at the pay through the industry for a certain job title. Methods of Wage Payment. 4. 2) They make the pay system an integral part of strategy formulation 3) They integrate pay considerations into strategic decision-making processes, such as those that involve planning and control 4) They view the firm's performance as the ultimate criterion of the success of strategic pay decisions and operational compensation programs The calculation of earnings does not create any suspicion in the minds of the worker. The Federal Wage System (FWS) is a uniform pay-setting system that covers Federal appropriated fund and nonappropriated fund blue-collar employees who are paid by the hour.

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