Correct Answer - Option 2 : Taylor Plan
Explanation:
The Halsey Premium Plan:
- “Halsey premium plan is a simple combination of time and speed bases of payment.
- Under this plan, minimum time wages are guaranteed to every worker.
- A standard time is fixed for the completion of a job.
- If a worker performs his job in less than the standard time, he is given a bonus.
- But there is no penalty for performing the job in more than the standard time fixed.
- The slow worker is paid the time wages and the efficient worker is paid some bonus in addition to the time wages.
- The bonus is in the proportion to the wages which he could have earned during the time saved.
The Rowan Plan:
- The Rowan plan is a modification of the Halsey plan.
- It also guarantees the minimum time wages and does not penalize a slow worker.
- A standard time is fixed for completion of a job and a bonus is paid to a worker on the basis of time saved.
- Here, the bonus is that proportion of the wages for the time taken which the time saved bears to the standard time.
Emerson’s Efficiency Plan
- Emerson has suggested guaranteed wage payment to all workers on-time rate basis.
- In addition, a bonus or extra payment was suggested to those who prove to be efficient.
- For determining efficiency, standard output per unit of time or standard time for the job is determined.
- Efficiency is to be measured on the basis of comparison of actual performance with the standard fixed.
Gantt Task Bonus Plan:
- The Gantt Task Bonus plan is a mixture of time rate and piece-rate plans.
- Under this plan, if a worker’s output in task time is equal to or more than the stipulated task, he is paid a bonus at a certain percentage of his guaranteed basic wage.
- The guaranteed basic wage is always a time rate wage. The basic wage rate and task standards have to be carefully determined.
