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Define methods of premium payment- Hasley Premium Method,Hasley Weir Premium Method,Rewan Premium System
Hasley Premium Method:
Under this system, if the worker’s actual time taken is equal to or more time than standard time, then he is paid at the time rate. If the actual time is less than the standard time then the worker gets a bonus payment plus time wages for hours actually worked. The bonus is equivalent to the wages for the time saved in the decided percentage to be shared with the employer.
Hasley Weir Premium Method
This system is a deviation of Halsey Premium Method but it has an exception that the ratio of sharing between the worker and the employer is fixed as 1/3 : 2/3. The computation of wage is same as in the case of Hasley Weir Premium method.
(AH X HR) + [{(SH – AH) X HR}/2] (Assuming 50% - 50% sharing)
(AH - Actual Hours, SH - Standard Hours, HR - Hourly Rate)
Rewan Premium System
Under this system also, guaranteed time rate payment is applicable. The amount of bonus paid is a percentage of hourly rate which is in proportion to the time saved. The total wages payable to the workers under this system can be computed as below:
(AH X HR) + {(SH – AH)/SH} X AH X HR
(AH - Actual Hours, SH - Standard Hours, HR - Hourly Rate)
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