What is the financial bonus awarded to a worker for exceeding established output benchmarks called?
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Answer: A. standard hour plan
Explanation
A standard hour plan awards financial bonuses to workers completing tasks quickly. Workers earn extra pay when they finish established work units in less time. This incentive system encourages efficiency by rewarding faster task completion times. Standard hour plans set benchmark completion times based on industrial engineering studies. Incentive wages compensate employees proportionally for time saved below standard quotas. Such plans bridge hourly wage stability with performance-based productivity bonuses.
Automotive repair shops often use standard hour plans to compensate mechanics efficiently. High performing workers increase their earnings significantly under standard hour structures. Employers benefit from higher facility throughput and reduced operational turnaround times. Standard piece rate pays a fixed amount per unit produced regardless of completion time. Standard piecework describes output-based manufacturing compensation without time bonuses. Variable hour plan is not a standard recognized term in professional compensation.
- Subject
- Business and Management
- Category
- Human Resource Management
- Topic
- —
- Difficulty
- medium
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