premium system

noun

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?

You must — there are over 200,000 words in our free online dictionary, but you are looking for one that’s only in the Merriam-Webster Unabridged Dictionary.

Start your free trial today and get unlimited access to America's largest dictionary, with:

  • More than 250,000 words that aren't in our free dictionary
  • Expanded definitions, etymologies, and usage notes
  • Advanced search features
  • Ad free!

Learn More about premium system

Statistics for premium system

Cite this Entry

“Premium system.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/premium%20system. Accessed 31 Oct. 2020.

Comments on premium system

What made you want to look up premium system? Please tell us where you read or heard it (including the quote, if possible).

WORD OF THE DAY

Test Your Vocabulary

Here Be Dragons: A Creature Identification Quiz

  • monster werewolf photo
  • Which is a synonym of werewolf?
Spell It

Can you spell these 10 commonly misspelled words?

TAKE THE QUIZ
Citation

Test Your Knowledge - and learn some interesting things along the way.

TAKE THE QUIZ
Love words? Need even more definitions?

Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!