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  Halsey-Weir Premium Plan

Introduction to Halsey (and Halsey-Weir) Premium Plan

It is an easy combination of time-speed basic of payment. The characteristics of the plans are:

(a) In the Halsey (and Halsey-Weir) premium plan Worker is paid at an hourly rate for the time for which he has worked.

(b) A standard time is decided and if a worker completes a job before the time fixed, he is paid a bonus for the time saved, as well the wages for the actual time spent via him on the job.

(c) The amount of bonus is 50% of the time saved in case of Halsey Plan and 30% in case of Halsey-Weir Plan and is permitted at similar hourly rate at which he is paid for actual time worked.

So, his total emoluments are the aggregate of certain hourly wages for actual time worked in addition the amount of bonus. It can be expressed through way of a formula:

Total Earnings = T × R + (S - T) × R × 50% (or 30%)

Where

T means Time Taken

R means Hourly Rate

S means standard Time

So, total earnings are = Time taken × Hourly rate plus Time saved × Rate × 50% (or 30%)

Advantages

1. The system is simple to operate. Calculations included are not very complexed.

2. The employees as well as employer are benefited through this plan like the profit of time saved is divided among both of them.

Disadvantages

1. It is a hard task to determine a standard time. The standard time's fixation on the basis of presentation of the most proficient worker shall be of no use because all the workers shall complete the work further than the standard time. Appropriate time and motion studies should be performed and there should be scientific determination of standard time. Past presentations of the workers should direct the management in the task of setting up of standards.

2. Workers may carry out specific jobs with a high speed to earn bonus and might soldier on her jobs to take rest, for they are definite wages for the actual time taken. So, the management is at the compassion of labour regarding the speed of production work.

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