System of Wages payment

Meaning, advantages and disadvantages of and difference between piece rate and time rate systems. 

Notes

Piece Rate System and Time Rate System

This note is about the System of wage payment under two methods that are Time Rate System and Piece Rate System. Time rate System means calculation of wages by calculation of time spend in work where as the Piece rate system means calculation of wages by calculating the goods produce by workers in the entire working day. It also deals with the Advantages and Disadvantages of Time rate and piece rate system.