Time rate system - labour remuneration, Cost Accounting

Time Rate System - Labour Remuneration

It may be a high day rate or a flat time rate. Under flat time rate, all worker is paid for the time spend without considering the volume of production throughout that time.

It may be paid daily or monthly or hourly basis like follows as:

Total Pay = Hours worked X rater per hour

Beneath the high day rate system such the workers time rate is fixed on a higher level after that the general rate of payment whether the output exceeds the expected or usually set or level. The objective of this system is to give an incentive to the workers whereas retaining the simplicity of the system.  This is most suitable for easily measurable output to those groups of workers contribute as like an example of car assembly lines.

Posted Date: 2/5/2013 5:56:27 AM | Location : United States

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

Write discussion on Time rate system - labour remuneration
Your posts are moderated
Related Questions
need help with master budget

#what is the formula for calculating payback period and what are its limitations ?

Match each of the six following terms with the phrase that most closely describes it. Each answer may be used only once. _____ 1. Direct costs _____ 2. Fixed costs _____ 3

Atlanta Company stock is expected to follow an exponential growth rate. The relationship between the current stock price P0, future price PT after time T, and the continuously comp

Planned                            Actual                Production                                                         92,000 units                     87,000 units

Igor and Angela were married in 2005, separated in 2011, and divorced recently. At the time of marriage, each had some investments and personal assets. They both worked during the

Your organization (City Rehab) has been approached by an MCO looking for an exclusive arrangement for the rehabilitation of its hip replacement patients. The MCO is aggressively po

Developing and Insight into Labour and Material Variance The calculation of labour and material variances is not sufficient; we require knowing how the variance could have typ