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Rowan Premium Plan

Rowan premium plan is one of important incentive wage plan which was made by  James Rowan of David Rowan and Co. For making this plan, James Rowan had studied the Halsey plan. As per this plan, there is guarantee of minimum wage with time rate. But worker has right to get bonus on the basis of his time saved. We can calculate total wage with rowan premium plan by using following formula.

Total Wage = Time Taken X Time Rate + Time Saved / Standard Time X Time Taken X Time Rate 

or


E = T X R + S-T / S X T X R

E = Total earning

T = Actual Time

S = Standard Time

R = Rate per hour

For example, a worker takes 12 hours for completing our works but our standard time is 16 hours. Rate per hour is $ 2. As per Rowan Premium plan, we will calculate wages of a worker with following way

E = 12 X 2 X 16-12/ 15 X 12 X 2 = $ 30

Minimum wage = $ 24

Incentive = $ 6

Verify the total amount saved by worker

If he gets the wages on the regular rate = saved time  X regular rate =  4 X $ 2 = $ 8

= 6/8 X 100 = 75%

It means, if worker gets wages on this plan, he will save 75% of regular wages.

Merits of Rowan Plan

1. This plan is useful for new workers.

2. This plan is useful when owner wants to increase production at very low time.

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Accounting Education: Rowan Premium Plan
Rowan Premium Plan
Accounting Education
https://www.svtuition.org/2011/10/rowan-premium-plan.html
https://www.svtuition.org/
https://www.svtuition.org/
https://www.svtuition.org/2011/10/rowan-premium-plan.html
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