What is Rowan Premium Plan?

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Describe Rowan Premium Plan

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It is widely used in England. It was introduced by James Rowan of David Rowan & Sons, Glassgow in 1901. It is modification in the Halsey's Plan. The premium is calculated on a percentage of wages for the time worked and not for the time saved. This gives more bonus to the workers. It is calculated by the following formula:
Time taken
Bonus = Time Saved X standard time Hourly Rate
Thus, if the worker finishes the job in 15 hours for standard time of 20 hours and the hourly rate of wage is 60 paise, a worker will get a total of Rs. 11.25.