General Studies · Henri Fayol's Administrative Principles
In the context of the administrative framework designed to maintain activity among personnel, which of the following statements accurately describes the scope of the modes of payment recognized in an industrial undertaking?
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- 1The system of remuneration identifies a comprehensive list of modes that includes non-financial rewards alongside profit sharing and various financial rates.✓
- 2Profit sharing is identified as the singular incentive used to supplement the basic time rates provided to the organizational personnel.
- 3Remuneration is viewed as a purely financial transaction that excludes any form of rewards that cannot be quantified in monetary terms.
- 4The framework restricts the compensation of the workforce to direct hourly wages and piece-rate systems to maximize production efficiency.
Correct answer
The system of remuneration identifies a comprehensive list of modes that includes non-financial rewards alongside profit sharing and various financial rates.
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