The time rate system is that system of wage payment in which the workers are paid on the basis of time spent by them in the factory.
Formula
Wages= Total hours worked X Wages rate per hour.
Explanation:
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 delivered within the specific period of time.
The time rate system is that system of wage payment in which the workers are paid on the basis of time spent by them in the factory. Under this system, the workers and employees are paid wages on the basis of the time they have worked rather than the volume of output they have produced.
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 delivered within the specific period of time. Formula: Wages= Total hours worked X Wages rate per hour.
Answers & Comments
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The time rate system is that system of wage payment in which the workers are paid on the basis of time spent by them in the factory.
Formula
Wages= Total hours worked X Wages rate per hour.
Explanation:
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 delivered within the specific period of time.
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Verified answer
The time rate system is that system of wage payment in which the workers are paid on the basis of time spent by them in the factory. Under this system, the workers and employees are paid wages on the basis of the time they have worked rather than the volume of output they have produced.
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 delivered within the specific period of time. Formula: Wages= Total hours worked X Wages rate per hour.
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