Piece rate system - labour remuneration, Cost Accounting

Piece Rate System - Labour Remuneration

However an employee is paid a fixed amount for all units produced irrespective of time in use; the wages payable are computed like follows:

Wages = Number of units produced X Rate per unit

During this case, there is a flat rate per unit. Conversely, a company may modify this and apply the Taylor's differential price rate system whereas three piece rates are set for all jobs: the low, common higher piece rate. Conversely the low piece rate is applicable whereas a worker is not capable to achieve the standard or common output and the highest piece rate is for such above standard. This may lead to high wage differential in that company and consequently demonization if it does not guarantee minimum wages on time basis.  For this purpose, the differential price rate systems and also many variations of the piece rate system have a minimum or guaranteed pay.

Posted Date: 2/5/2013 5:57:45 AM | Location : United States







Related Discussions:- Piece rate system - labour remuneration, Assignment Help, Ask Question on Piece rate system - labour remuneration, Get Answer, Expert's Help, Piece rate system - labour remuneration Discussions

Write discussion on Piece rate system - labour remuneration
Your posts are moderated
Related Questions
is sale of salvage from capital project recorded as gain/loss or applied back to project costs

Is there a way to figure out labor cost and factory inventory when no direct information regarding them is available.

Bakeson Bearings Ltd is preparing to submit a bid for a bearings order.  Janet Lake,  CEO of the Manufacturing Division, has asked Jason Docker, the management accountant, to prepa

Day Corporation purchased a patent on January 1, 2012 for $360,000. The patent had a useful life of 10 years at that date. In January of 2013, Day successfully defends the patent

Vince's Pizza delivers pizzas to dormitories and apartments near a major state university. The company's annual fixed costs are $48,000. The sales price averages $9, and it costs t

what is labour

Behavioral Classification of Costs Definition Cost behavior refers to the change in costs as increase or may decrease like the output level changes that are like we risin

Give Annual report project: You will pick a publically trade company to do the analysis on with approval of the professor . the following is an outline of what should be in th

1) Presented below is a list of terms, followed by definitions or descriptions of those terms. a. Cost pool b. Actual cost system c. Cost driver d. Manufacturing diver

Stopover industries ltd, a recently incorporated company plans to go into production next year. the following standard cost matrix has been assembled for one of the products it pro