ECONOMICS

Detailed explanation-1: -The Rowan Plan: 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.

Detailed explanation-2: -The types are: 1. Time Based Plan 2. Production Based Plans 3. Group Incentive Plans.

Detailed explanation-3: -There are three categories of these plans: (2) Incentive is proportionately at lower rate than increase in output. (3) Incentive is higher proportionately to rate of increase in output. ADVERTISEMENTS: Under these plans, workers are rewarded individually when their performance exceeds pre determined standard.

Detailed explanation-4: -In Halsey plan, the time wages are guaranteed even if the output of a worker is below the standard. In case, the worker completes the works in less than the standard time, then he/she will be paid according to the actual time, i.e. time-rate plus the bonus calculated at a specified percentage of the saved time.