Discuss the characteristics, merits and demerits of time wage system and piece wage system.

Time Wage System:

Characteristics:

• In a time wage system, employees are paid based on the amount of time they spend working, regardless of the output or quantity of work produced.
• Payment is usually calculated on an hourly, daily, weekly, or monthly basis, and employees receive a fixed wage for the specified time period.
• It is commonly used for jobs where the output cannot be easily measured or standardized, such as administrative tasks, maintenance work, and certain service industries.
• The focus is on the time spent on the job rather than the quantity or quality of work produced.

Merits:

1. Predictable Income: Employees receive a stable and predictable income, which can provide financial security.
2. Simple Administration: Calculating wages is straightforward since it's based on the number of hours worked.
3. Reduced Stress: Workers are not under pressure to meet ___ ______ ___ ___ _____ ________ ________ _________ _______ _____.
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