Definition of premium system
: a system for paying workmen in which the workman's hourly rate is guaranteed and a premium (as a percentage of the hourly wage) is paid for doing the work in less than the standard time specified
Love words? Need even more definitions?Merriam-Webster unabridged
Words at Play
- We Added New Words to the Dictionary for September 2019
- 7 Words Related to "Work"
- The Parts of the Fruit: Seed, Pericarp, and More
- The Trick to Choosing 'Pawn Off' or 'Palm Off'
Ask the Editors
- On Contractions of Multiple Words
- A Look at Uncommon Onomatopoeia
- Is Singular 'They' a Better Choice?