The company is preparing information to assist deciding on which incentive scheme to introduce. From the...
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The company is preparing information to assist deciding on which incentive scheme to introduce. From the following information, you are required to calculate for each employee his earnings, using: (i) hourly rates only (basic pay); (2 marks)e (ii) piecework, but with earnings guaranteed at 75% of basic pay where the employee fails to earn this amount; (2 marks) (iii) premium bonus, in which the employee receives two-third of time saved (using hourly rates) in addition to normal hourly pay. (3 marks)- Employees A В C Actual hours worked 38 36 40 34 Hourly rate of pay Output (units) $3.00 $2.00 $2.50 $3.60 42 120 120 --- Y 72 76 270 ---- 92 50 --- Standard time allowed (per unit): X: 6 minutes; Y: 9 minutes; Z: 15 minutes Each minute earned is valued at $0.05 for piecework calculation, The company is preparing information to assist deciding on which incentive scheme to introduce. From the following information, you are required to calculate for each employee his earnings, using: (i) hourly rates only (basic pay); (2 marks)e (ii) piecework, but with earnings guaranteed at 75% of basic pay where the employee fails to earn this amount; (2 marks) (iii) premium bonus, in which the employee receives two-third of time saved (using hourly rates) in addition to normal hourly pay. (3 marks)- Employees A В C Actual hours worked 38 36 40 34 Hourly rate of pay Output (units) $3.00 $2.00 $2.50 $3.60 42 120 120 --- Y 72 76 270 ---- 92 50 --- Standard time allowed (per unit): X: 6 minutes; Y: 9 minutes; Z: 15 minutes Each minute earned is valued at $0.05 for piecework calculation,
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