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one-hundred-percent premium plan

 
Sci-Tech Dictionary: one-hundred-percent premium plan
 
(′wən ′hən·drəd pər¦sent ′prē·mē·əm ′plan)

(industrial engineering) A wage incentive plan wherein each unit produced by an employee in excess of standard is compensated at the same rate paid for each unit of standard production. Also known as straight piecework system; straight proportional system.


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Sci-Tech Dictionary. McGraw-Hill Dictionary of Scientific and Technical Terms. Copyright © 2003, 1994, 1989, 1984, 1978, 1976, 1974 by McGraw-Hill Companies, Inc. All rights reserved.  Read more