Fixed a flat wage payment 3 Semi Fixed A guaranteed minimum plus a payment for

Fixed a flat wage payment 3 semi fixed a guaranteed

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2. Fixed – a flat wage payment. 3. Semi Fixed - A guaranteed minimum plus a payment for output achieved Recording of Data for Control purposes 1. Day Rates – Employees are paid a fixed rate for attending, regardless of what they achieve while they working . These costs are FIXED costs. It is normal for the employee to record the time that they are present by “clocking in”. 2. Piecework Tickets - This is where the employee is paid for what they produce. The more they produce, the more they earn. This record contains details of the number of items produced by each employee, and then this is multiplied by the rate per item to give the total weekly pay. 3. Bonus Schemes When these are in operation, the total payment will be based on attendance time (the time rate wage), plus a bonus. Prof. M C Williams, Cardiff University 1
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Banking, Cost Analysis FASTIP 29 th July to 17 th August 2013 University of Aleksander Moisiu Under a bonus system, a time is allowed for each job and a bonus is paid on the proportion of time saved. In practice, there are many different types of payment systems. These systems are meant to be examples of how they work and the effect on the cost of the products or service provided. Example 1 – Payment on Day Rates The employees of XY Bank are paid on an hourly basis. The hours which each employee works varies as the bank will only employ some of them for the busy periods at the bank. The rate of pay per hour for staff of this grade is 750 per hour.
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