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Time Rate Systems. Time Rate System: Under this system, the worker is paid by the hour, day, week, or month. High Wage plan: Under this plan a worker is paid a wage rate which is substantially higher than the rate prevailing in the area or in the industry. In return, he is expected to maintain a very high level of performance, both quantitative ...
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Following the initial phase of integration, Orpic was founded in 2011. [4] In 2013, OQ acquired a German-based company, OXEA. [7] OOC signed an exploration and production agreement with BP in 2013, to further develop the Khazzan-Makarem gas field. [8] In 2014, construction of the Sohar Refinery Improvement Project started. [9]
Bonus plans are variable pay plans. They have three classic objectives: 1. Adjust labor cost to financial results – the basic idea is to create a bonus plan where the company is paying more bonuses in ‘good times’ and less (or no) bonuses in ‘bad times’. By having bonus plan budget adjusted according to financial results, the company ...
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A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract.It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis.
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