Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / ghulam mujtaba s/o. muhammad i
PIECE RATE
Piece rate or piecework is defined as work paid for
according to a set rate per unit. Webster’s Collegiate
Dictionary. A piece rate must be based upon an
ascertainable figure paid for completing a particular task
or making a particular piece of goods. The piece rate
earned must equal or exceed the State’s minimum wage rate
for all hours worked. (See appropriate IWC Order and
Minimum Wage Order)
Time rates are used when employees are paid for the amount
of time they spend at work. This is the most common method
of payment in the UK.
The usual form of time rate is the weekly wage or monthly
salary. Usually the time rate is fixed in relation to a
standard working week (e.g. 35 hours per week).
The employment contract for a time-rate employee will also
stipulate the amount of paid leave that the employee can
take each year (e.g. 5 weeks paid holiday).
Time worked over this standard is known as overtime.
Overtime is generally paid at a higher rate than the
standard time-rate – reflecting the element of sacrifice by
an employee. However, many employees who are paid a monthly
salary do not get paid overtime. This is usually the case
for managerial positions where it is generally accepted
that the hours worked need to be sufficient to fulfil the
role required.
The main advantages of time-rate pay are:
• Time rates are simple for a business to calculate and
administer
• They are suitable for businesses that wish to employ
staff to provide general roles (e.g. financial management,
administration, maintenance) where employee productivity is
not easy to measure
• It is easy to understand from an employee’s perspective
• The employee can budget personal finance with some
certainty
• Makes it easier for the employer to plan and budget for
employee costs (e.g. payroll costs will be a function of
overall headcount rather than estimated output)
The main disadvantages of time-rate pay are:
• Does little to encourage greater productivity – there is
no incentive to achieve greater output
• Time-rate payroll costs have a tendency to creep upwards
(e.g. due to inflation-related pay rises and employee
promotion.
| Is This Answer Correct ? | 34 Yes | 7 No |
Post New Answer View All Answers
What is SOX
what is mixed invoice, prepaid invoice,quick invoice,podefault invoice,withholding tax invoice,please explain me in detail?
please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
Hi guys, If anyone have gone through the CAPITAL IQ-Junior Research Associate interview then plz let me know about its pattern..and if anyone hav its placement papers or any other information then plz post to me at arshadbasha_mba@rediffmail.com
Please let me know what to answer how long you prepared for SBI exam? if selected your credit goes to whom?
Can I freeze my account?
Total numbers of companies listed on stock Exchange?
WhatIs the limit of duty exemption in smal scale industries.
Depreciation method to using Indian company names
Expand----------SAMC
Upto what age PF will be deducted for an employee? And what age he is eligible to gratuity?
someone plz plz plzz.. send me the sample papers for SBI clerical xams... i need it very badly..
Why it is necessary to use SAP in an industry? & What is the difference from other advance accounts software like Tally ERP 9? What is the importance of using GAAP for best management decission or why GAAP using by Top Management?
why you would like to work for the our(AIRLINE) Group ???
define bank Draft
