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The characteristics of sound incentive wage plan are stated below:
1. Approval of Management, Workers and Trade Union: All the interested parties must accept, support and co-operate in the incentive plan. In the absence of employee support, the programme of incentive will fail.
2. Work Standard: The standard upon which wage incentive is based should be fixed through careful work measurement devices, e.g., time and motion studies, work sampling.
3. Guaranteed Base Wage: Normally the base rate is determined by job evaluation. The employee should be dropped due to the circumstances beyond his control and there must be security of income.
4. No Unwarranted Rate Cutting: The work standard or quota, in time or money per unit, must be guaranteed by management against unilateral and unwarranted rate cutting.
5. Easy Calculation of Earnings: Complexity is one of the basic drawbacks of many incentive plans. Management should try to simplify it as for as possible.
6. Grievance procedure: An incentive plan of wage payment should have effective grievance procedure to deal with complaints and dissatisfaction ventilated by employees
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