Advantages of time wage system: He is paid at a specified rate per unit of time (for example, per hour, per day, per week or per. When wages are decided on a time rate basis, the quantity of goods produced by a worker is not considered but he is paid wages on the basis of time spent by him in the factory.
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According to time rate system, the wages are paid by the time spent by employees regardless of his yield of work done. It helps to create a sense of economic security among them. Advantages of time wage system 2.
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This time rate system calculation is based on the working hours of the employee, that is the amount of time spent on the work along with the amount of work. Under this system, the wages are paid according to the time spent by workers irrespective of his output of work done. Under time wage system of wage payment, the worker is paid at an hourly, daily, weekly or monthly rate. Suppose, a worker is paid at the rate of rs 0.75 per hour and he has spent 220.
In time rate system, employees are assured of regular income because it offers minimum wage to them. Find out pros & cons of time rate pay Under this system, wages are based on the amount of time spent by a worker inside the factory. The wage rates are fixed for an hour, a day, week, a.
Disadvantages of time wage system.
State and explain any two disadvantages of the time rate system of wage payment.
