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Question
Explain the piece rate system of wage payment.
Explain
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Solution
- The piece rate system is a wage payment system in which workers are paid based on the units of output generated.
- The piece rate system does not consider the time spent by the workers.
- Total wages earned = Units of output produced × Piece rate.
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Method of Wage Payment
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Chapter 8: Staff Remuneration - EXERCISES [Page 117]
