Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-Henry the Navigator
Piecework Pay Plans
Compensation schemes where workers are paid based on the quantity of items they produce or complete, rewarding productivity and output.
Labour Costs
The total expenditure by employers for the compensation of employees, including wages, benefits, and other related expenses.
Lump-sum Merit
A one-time merit payment awarded to an employee instead of a permanent salary increase.
Base Salaries
The initial rate of compensation given to an employee, not including any extra benefits, bonuses, or raises, which serves as a foundational income.
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