STEP 1:

1) Under a merit pay system, calculate Megan's salary based on a 5 percent annual increases through 2029 starting with the year 2024. For Robert, apply a 2 percent annual increase rate.What are the adjusted salaries for each year? Megan's annual starting salary is $53,000 while Robert's is $51,000. Summarize your findings and tell me your thoughts on how increases compound over time.Are the salaries similar over the course of the years listed?Did you find anything interesting about these calculations or findings?

	Megan	Robert
2024	$53,000	$51,000
2025
2026
2027
2027
2029

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2) Explain the difference between seniority pay and merit pay.Provide at least 3 advantages and 3 disadvantages of each.Next, using the principles you learned with answering the first part of this question, explain whether you believe it makes sense to apply both programs simultaneously.

3) Calculate the following Piecework Award.Details regarding piece work can be found on pages 91-92 in the hardcopy book.Provide the hourly rate for each hour worked, and then the total earnings for the day.What would the earnings be if no piecework award was given.Meaning, compare the wage of 12.50 for 8 hours of work to the wages this worker earned for going above standard.Do you believe this type of incentive plan will boost the productivity of the employees? What are your thoughts about this type of reward pay system?

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Hourly Pay	$12.50
Piece Work Standard	20
Piece Work Incentive Award	$1.50
First Hour	10 above Standard
Second Hour	5 above standard
Third Hour	no garments above
Fourth Hour	6 garments above
Lunch
Fifth Hour	7 garments above
Sixth Hour	3 garments above
7th Hour	4 garments above
8th Hour	2 garments above

STEP 2:

How To Calculate Earnings, Pay For Piecework, Differential Piecework And With Guaranteed Hourly Wage (youtube.com) https://www.youtube.com/watch?v=DM2oYZ9cBvs

1. Watch the video and take notes to about your thoughts afterward
2. Write video summary in words, providing
3. at least two details or concepts learned
4. discuss how you would apply them in the workplace.
5. WORK CITE