Profit sharing helps in increasing output by making the workers more responsible, by securing their co-operation and by providing them an incentive to work hard for the concern and their own betterment. But as an incentive scheme, profit- sharing has dubious value. It is argued in favour of profit-sharing scheme that it would eliminate strife and conflict between the workers [...]
The term 'wage' can be defined as the payment made to workers for placing their skill and energy at the disposal of an employer, the method of use of that skill and energy being at the employer's discretion and the amount of payment being in accordance with the terms stipulated in a contract of employment of service. Wage forms the [...]
Methods of Wage Payment to Workers in Cost Accounting! The remuneration paid to employees should reduce labour turnover, increase productivity of employees and improve the quality of output. There are two basic methods of wage payment: (1) Payment made on the basis of time spent by the workers in the factory irrespective of output produced. (2) Payment of wages on [...]