ECONOMICS

Detailed explanation-1: -Gantt Task Bonus Plan is a wage incentive method of rewarding the employees who outperform the expected set output by the organization. In this case, high task efficiency is maintained by providing a bonus expressed in percentage form as a recompense for producing extra above the set standard output.

Detailed explanation-2: -If the worker completes the task in less than the standard time he is given wages for the standard time plus a bonus of 20% of the wages for the standard time. In other words, if a worker’s performance is more than 100% he is given piece wages plus bonus at 20% of piece wages.

Detailed explanation-3: -Henry Gantt (1861–1919) was also an associate of Taylor. He is probably best known for two key contributions to classical management theory: the Gantt chart and the task and bonus system.

Detailed explanation-4: -Gantt. Under this plan, the standard time for every task is fixed through time and motion study. A minimum time wage is guaranteed to all workers. A worker who fails to complete the task within the standard time receives wages for actual time spent at the specified rate.