Halsey Premium plan and Rowan Premium Plan Standard Time 8hrs Actual T...
**Halsey Premium Plan**
The Halsey Premium Plan is a type of wage incentive system that is designed to reward workers for increased productivity. Under this plan, the workers are guaranteed a certain base wage rate, and if they exceed the standard time for completing a task, they are awarded a percentage of the time saved as a bonus.
**Rowan Premium Plan**
The Rowan Premium Plan is another type of wage incentive system that is similar to the Halsey Plan. Under this plan, the workers are also guaranteed a base wage rate, and if they exceed the standard time for completing a task, they are awarded a percentage of the time saved as a bonus. However, the bonus percentage is calculated differently in the Rowan Plan.
**Standard Time and Actual Time**
In the given scenario, the standard time for completing a task is 8 hours, but the workers actually complete it in 6 hours. This means that the workers have saved 2 hours of time.
**Percentage of Premium**
In the Halsey Premium Plan, the workers are awarded 50% of the time saved as a bonus. Since the workers have saved 2 hours of time, they would be awarded a bonus of 1 hour (50% of 2 hours).
In the Rowan Premium Plan, the bonus percentage is calculated by dividing the time saved by the standard time and multiplying it by 30%. In this case, the time saved is 2 hours and the standard time is 8 hours. So, the bonus percentage would be (2/8) * 30% = 7.5%.
**Cost of Leaving Bonus**
The cost of leaving bonus is an additional incentive that is provided to workers to encourage them to stay with the company. In this case, the cost of leaving bonus is 50 paise per hour worked. Since the workers have worked for 6 hours, they would be entitled to a leaving bonus of 3 rupees (50 paise * 6 hours).
**Wages Calculation**
The workers are paid a base wage rate of 10 rupees per week for working 48 hours. Since the workers have worked for 6 hours in this case, their wages for the week would be calculated as follows:
Wages = (Base wage rate * Actual hours worked) + Leaving bonus
= (10 rupees * 6 hours) + 3 rupees
= 60 rupees + 3 rupees
= 63 rupees
Therefore, the workers would be entitled to wages of 63 rupees for the week.