Halsey Plan is applied to all workers and guarantees minimum wage. The Halsey premium plan is a straightforward fusion of time- and speed-based payment methods. The Incentive Plan is applied to all Workers and Guarantees Minimum Wage.
The Halsey Premium Plan
- Every employee is given a minimal time wage under this strategy.
- A regular time is established for the job's completion.
- A bonus is provided to a worker who completes his work in less time than is required.
- However, there is no penalty if the task is completed earlier than the allotted time.
- The time pay is paid to the slow worker, and a bonus is also paid to the efficient worker.
- The bonus is calculated as a percentage of the wages he could have made in the period saved.
The Rowan Plan
- The Halsey plan has been altered by the Rowan plan.
- Additionally, it prevents penalizing a slow worker and guarantees the minimum hourly wage.
- A standard time is set for a task's completion, and a worker receives a bonus based on the amount of time they saved.
- In this case, the bonus is the amount of the hourly pay that the time saved relates to standard time.
Emerson’s Efficiency Plan
- Emerson has proposed that all employees receive time-rate-based guarantees of compensation.
- Additionally, extra compensation or bonuses were recommended for individuals who demonstrate efficiency.
- Standard output per unit of time or standard time for the job are both used to calculate efficiency.
- Efficiency must be evaluated by comparing actual results to a predetermined benchmark.
Gantt Task Bonus Plan
- Time rate and piece rate plans are both used in the Gantt Task Bonus plan.
- In accordance with this plan, a worker receives a bonus at a specific percentage of his guaranteed basic wage if his output during the task period is equal to or more than the required task.
- The basic pay that is guaranteed is always paid on a time basis. It is important to carefully identify the task standards and base pay rate.
Summary:
Which of the following wage incentive plan is applied to all workers and guarantees minimum wage?
The wage incentive plan that is applied to all workers and guarantees minimum wage is Halsey Plan. In this, a strategy was made to provide a minimal time wage to the employees.