Systems of Wage Payment

In orde to pay the labours, there are two major systems exist which are:

time wage system - this is based on the time spent in the factory, no matter work has been done or not.

piece rate system - this is based on the wor done in the factory, no matter whether the worker has worked few hours or whole day.

With these two major systems,there are other wage payment system which are used in conjunction with these two. The other systems may be called premium plans or bonus.