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 |
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2. Piece Wage System: |
Straight piece rate |
Straight piece rate with minimum guarantee |
Difference piece work (time and output based, Taylor plan, Merrick plan) |
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3. Incentive Wage System (Premium Bonus System): |
Halsey plan |
Rowan plan |
Halsey- weir plan |
Barth system |
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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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Accounting Equation |
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Journal Entries in Nepali |
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Journal Entries |
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Journal Entry and Ledger |
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Ledger |
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Subsidiary Book |
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Trial Balance and Adjusted Trial Balance |
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Depreciation |
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There are types of labour cost; they are direct labour cost and indirect labour cost.
Payment made to labour is known as wages.
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.
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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