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Fringe benefits, now-a-days, are a significant component of ‘compensation”. Under Piece-rate plan, employees are paid at a stipulated rate per hour of work done by them.  

(1) High morale leads to high productivity (2) High morale need not necessarily lead to high productivity  

List-I List-II (a) Adam Smith (i) Subsistence Theory (b) Karl Marx (ii) Wages Fund Theory (c) John Davidson (iii) The Surplus Value Theory (d) David Ricardo (iv) Bargaining Theory