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Home /  Accounting for Labour
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  • Estimated reading time : 22 Minutes
  • Types of Wages | Types of Labour Cost | Accounting for Labour

  • Arjun EP
  • Published on: December 29, 2021

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    Types of Wages

    Generally, there are three systems for wage payment or wage calculation; they are:

    (1) Time wage system

    (2) Piece wage system

    (3) Incentive wage system

     

    But they are modified into different methods as per requirement by the different scholars.

    Out of them some important or frequently used wage rate systems are given below:

    1. Time Rate System:

    Time rate

    High wage plan measured day work

    Difference time rate

     

    2. Piece Wage System:

    Straight piece rate

    Straight piece rate with minimum guarantee

    Difference piece work (time and output based, Taylor plan, Merrick plan)

     

    3. Incentive Wage System (Premium Bonus System):

    Halsey plan

    Rowan plan

    Halsey- weir plan

    Barth system

     

    4. Combination of Time and Piece Work System:

    Gantt task bonus plan

    Taylor plan

    Emerson plan

    Point  scheme (Bedaux system, Haynes’s system)

     

    5. Cost Efficiency Bonus Scheme:

    Nunn-bush plan

    Scanlon plan

    Towne gain sharing plan

    Rucker plan

       

     

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    Types of Labour Cost

    There are types of labour cost; they are direct labour cost and indirect labour cost.

    Payment made to labour is known as wages.

     

    Direct wage cost

    The labour who is directly engaged with production is known as direct or productive labour.

    The payment paid to direct labour is called direct wages.

    Such wages are expressed in term of unit of output (production or service)

    Examples:   

    Wages paid to stitches in a garment factory,

    Wages paid to carpenter in a furniture industry,

    Wages paid to weavers in cloth mill etc.

     

    Indirect wages cost

    Wages paid to workers engaged in an operation other than manufacturing are called indirect labour.

    Such workers do not engaged in production activities directly.

    They support to direct workers.

    Indirect wages cannot be expressed as per unit of output (production or service)

    Example:

    Remuneration paid to factory managers,

    Salary paid to factory foremen, inspectors, helpers, cleaners, guards etc.

     

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