An employee working under a bonus scheme saves 10 hours in a job for which the standard time is 60 hours. Calculate the rate per hour worked and wages payable to him if incentive bonus of 10 per cen...

An employee working under a bonus scheme saves 10 hours in a job for which the standard time is 60 hours. Calculate the rate per hour worked and wages payable to him if incentive bonus of 10 per cen on the hourly rate is payable when standard time (namely, 100 per cent efficiency) is achieved, and a further incentive bonus of 1 per cent on hourly rate for each 1 per cent excess of that 100 per cent efficiency is payable. Assume that the normal rate of payment is `50 per hour.