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
Harriet Ltd is a trading company set up a number of years ago with 5,000 £1ordinary shares issued at par. In order to expand the production facilities it needs to raise a further £

Timbatown Pty Ltd is a manufacturer of timber tables and chairs. The company mostly sells on a retail basis to household consumers, but occasionally receives large orders for table

Under the average cost method the average cost of goods held in stock is recalculated after each receipt. An issue after the receipts is made at the recalculated average prices. A

what is the procedure of purchase of materials in large organisation?

First of all, look at the balance sheet and income statement as a whole and spot the problem with it. Answer all questions given in the question + dig into each element of the bala

Dividends                                                                                        ................ Non-operating losses not passed through P and L A/c

#question.discuss the importance of cost classification to a business organisation?

Standards and Budgets Budgets like you recall from the previous section, are simply plans for expected future performance expressed in quantified monetary terms. Therefore the

These balances for a company x Raw materials $40,000 Work in process $30,000 Finished goods $60,000 for the current year the company estimated that it would work 150.000 m

Keira Knightley Company buys a piece of equipment for $36,442 that will last for 7 years. The equipment will generate cash flows of $7,000 per year and will have no salvage value a