What is the meaning of piece rate?
What is the meaning of piece rate?
Piece rate pay occurs when workers are paid by the unit performed (e.g. the number of tee shirts or bricks produced) instead of being paid on the basis of time spent on the job. Home based workers and other out-workers (who work in premises other than that of the employer) are also frequently paid piece rates.
What is the formula for piece rate?
Piece Rate Calculations
| Piece Rate | Formula |
|---|---|
| “Flat Rate” per-piece | ((QTY * A) + (B * HOURS)) |
| “Flat Amount” per X pieces | ((QTY * A) + B) |
| “Employee Rate” | ((QTY * A) + ([Employee Rate] * B * Job Hours)) |
| “Employee QTY Rate” | ([Employee Rate / Pay Level] * A * QTY) |
What is an example of piecework?
Some industries where piece rate pay jobs are common are agricultural work, cable installation, call centers, writing, editing, translation, truck driving, data entry, carpet cleaning, craftwork and manufacturing.
What is piece rate based on?
The American Heritage Dictionary defines the term piece-rate as: “Work paid for according to the number of units turned out.” Consequently, a piece-rate must be based upon an ascertainable figure paid for completing a particular task or making a particular piece of goods. 2.5.
What is a piece rate and what does it mean?
Piece rate refers to a wage determination system in which the workers get paid by result like each unit of production at a fixed rate. Piece rate refers to a wage determination system in which the workers get paid by result like each unit of production at a fixed rate.
How are wages calculated in piece rate system?
In this system, the piece rate forms the basis of payment i.e. payment for whole production is made on the basis of piece rate fixed. If the piece rate of Rs. 1.5 per .unit is fixed, then the wages will be calculated by multiplying the output by the rate fixed. A worker producing 200 units will get Rs. 3000 (i.e. 200 x 15).
What are the advantages and disadvantages of the piece rate system?
It also deals with the Advantages and Disadvantages of Time rate and piece rate system. The success of a concern largely depends upon the efficiency of labor and the efficiency of labor is considerably affected by amountof wages paid to them.
What does piece rate mean in Sign Language?
What does piece rate mean? Here are all the possible meanings and translations of the word piece rate. The monetary amount payed per unit of production in the reward scheme of piece work, contrasting to hourly wage and to salary. How to pronounce piece rate? How to say piece rate in sign language?