ECONOMICS

Detailed explanation-1: -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 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.

Detailed explanation-2: -1.2 Characteristics of Rowan System or Plan There is a fixed day-wage for actual time taken on the basis of time rate that the employer promises the workers. This promotes the job security of the worker.

Detailed explanation-3: -Which of the following methods of wage payment does not guarantee wages on time basis ? Taylors Piece rate system is based on the quantity of output rather than on the basis of time.