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What are the factors to be taken into account while adopting a successful wage plan?

Factors of Successful Wage Plan (Cost Accounting):

  • Simplicity: The plan should be simple to understand and also easy for calculation.
  • Productivity: The plan should increase productivity to lower the cost.
  • Regular: The system should ensure regular payment of wages without delay to workers.
  • Reward: The skilled workers should be properly rewarded as compared to the inefficient workers.

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Feature of a good wage system:

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The essential feature of good wage system are as follows:

  • This system should ensure equal pay for equal work.
  • Workers should be paid according to their merits.
  • Skilled workers should be paid more as compared to the unskilled workers.
  • The system should be fair to both employer and employee.
  • The system should aim at increasing the morale of the workers and reducing the labor turn over.
  • The method of calculation should be easy and simple to calculate by workers.
  • It should be flexible to meet necessary changes.
  • The system should not violate any local or rational trade unions agreement.
  • It should be based on scientific motion study.
  • The system should be corrected to the capacity of the organization to pay.
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