Time work is most suitable for the two extreme grades of workers, viz. ImportanceO Facilitates the preparation of wage plan for future.O Determine the cost of production and the profitability.O … ADVERTISEMENTS: There are two basic methods of wage payment, i.e., payment by time and payment by results (PBR). They are paid on the basis of the number of units produced by them irrespective of time spent on the job.

3. ii) piece wage system. Suppose, a worker is paid at the rate of Rs 0.75 per hour and he has spent 220 hours during a particular month; his wages will be Rs 165 (time multiplied by rate i.e., 220 hrs. What Time Rate Wage System?

Piece Rate: This system is also known as payment by result. Job evaluation can determine basic hourly rate, i.e., Rs.10/- per hour. Low Productivity. Payment by time: This is the age-old and most prevalent method of method the employee is paid on the basis of time worked such as per […] Methods of Wage Payments - Free download as Powerpoint Presentation (.ppt / .pptx), PDF File (.pdf), Text File (.txt) or view presentation slides online. Time rate system is a method of wage payment to workers based on time spent by them for the production of output. @ 75 P.). Thus, the method gives no incentive for more production. Time Rate System Source: slideplayer.com. PIECE BASED WAGE SYSTEMAll other wage system are combination of these two methods of wage system 3. Payment may be on hourly basis, daily basis or monthly basis. Wages are paid to the workers on time basis irrespective of the quantum of production, at a specified wage rate. The period of time may be an hour, a day, a week, a month and the wages depend upon the period of time. What is wage payment system O It is the way of giving financial compensation to the workers for the time and effort invested by them in converting materials into finished products. Time Rate System: Under this method of wage payment, the workers are paid the wages on the basis of time. ADVERTISEMENTS: This article will help you to differentiate between time rate and piece rate system of wage payment.

Time rate system of wage payment treats equally to both efficient and inefficient workers. If the situation changes, some change may be incorporated in the wage system without much difficulty. Time Wage System . Time Wage System• Wages are calculated on the basis of time worked irrespective of the quality of work done• Thus the wages are calculated by multiplying the time spent by predetermined rate of wages• Wage =Time spent*Rate per unit of time =T*RWhere T =Time … Here wages are paid for the amount of time spent not on the basis of output. i) time wage system . Hence, if the piece rate is fair and satisfactory to both parties, piece wage is undoubtedly superior to time wage and it is an ideal system of wage payment, because it is beneficial to all more wages, more profit, lower unit cost of labour, etc. The output of the worker is not considered for payment of wages. So, efficient workers may feel unappreciated. methds of wage paymemnts The cost of implementation of wage system must be as low as possible. In this system of wage payment, the workers are paid the wages on the basis of time as, per hour, per day, per week, per fortnight or per month etc. The wage rates are fixed for an hour, a day, a week or a month. Factors influencing sound wage system. Time rate system does not focus on increasing output and efficiency because there is no correlation between input and output and effort and reward. Time Wage System: . Wages are paid on the basis of time not on the basis of efficiency. Piece wage system meaning. So the earning of the worker depends upon the speed of the worker so an efficient worker earns higher wages than the inefficient worker. 2. Difference # Time-Rate System: 1. Under the piece wage method the wages are paid on the basis of the output. Time wage system: in this method worker is paid for the amount of time he has spent on the job. The methods are: 1. There are generally two methods of wage payment.

A worker is paid wages on the basis of number of hours engaged in the production activities. Time Rate System 2. O This method adopted by manufacturing industry to remunerate workers. Time Rate System is otherwise called as Time Work, Day Work, Day Wages and Day Rate.

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