Calculation of wages payable under Halsey Premium Bonus Plan and Rowan Premium Bonus Plan

Under the Halsey Premium Bonus Plan and Rowan Premium Bonus Plan, the wages payable to workman can be calculated based on the time allowed, time taken, and the rate per hour.

Halsey Premium Bonus Plan

The Halsey Premium Bonus Plan is a productivity incentive plan that provides a guaranteed time-based wage rate along with a premium bonus for exceeding the standard time allowed.

Formula:
Wages payable = (Time taken x Rate per hour) + (50% of (Time allowed - Time taken) x Rate per hour)

Calculation:
Given data:
Time allowed = 48 hours
Time taken = 40 hours
Rate per hour = Rs.1

Substituting the values into the formula:
Wages payable = (40 x 1) + (50% of (48 - 40) x 1)
Wages payable = (40 x 1) + (50% of 8 x 1)
Wages payable = 40 + (0.5 x 8)
Wages payable = 40 + 4
Wages payable = Rs. 44

Therefore, the wages payable to the workman under the Halsey Premium Bonus Plan is Rs. 44.

Rowan Premium Bonus Plan

The Rowan Premium Bonus Plan is a productivity incentive plan that provides a guaranteed time-based wage rate along with a bonus calculated as a percentage of time saved.

Formula:
Wages payable = (Time taken x Rate per hour) + (Time saved / Time allowed x Time taken x Rate per hour)

Calculation:
Given data:
Time allowed = 48 hours
Time taken = 40 hours
Rate per hour = Rs.1

Substituting the values into the formula:
Wages payable = (40 x 1) + ((48 - 40) / 48 x 40 x 1)
Wages payable = (40 x 1) + (8 / 48 x 40 x 1)
Wages payable = 40 + (8 / 48 x 40)
Wages payable = 40 + (0.1667 x 40)
Wages payable = 40 + 6.67
Wages payable = Rs. 46.67

Therefore, the wages payable to the workman under the Rowan Premium Bonus Plan is Rs. 46.67.

Summary:
- Under the Halsey Premium Bonus Plan, the wages payable to the workman is Rs. 44.
- Under the Rowan Premium Bonus Plan, the wages payable to the workman is Rs. 46.67.

Both plans provide a guaranteed time-based wage rate, but the premium bonus in the Halsey Plan is calculated as 50% of the time saved, while in the Rowan Plan it is calculated as a percentage of time saved. The specific plan implemented will depend on the company's objectives and the desired level of worker motivation and productivity.