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Question
State any three merits Piece Rate System.
Solution
Three merits of piece rate system of wage payment are as follows:
- Because wages are paid according to the output produced by workers under the piece rate system, it promotes efficient workers to produce more things.
- It incentives workers to adopt a better way of manufacturing in order to increase their output and earnings.
- When demand rises, it is easier for businesses to respond by raising output. To motivate employees to be more productive, a corporation may just need to boost their compensation level.
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RELATED QUESTIONS
Answer briefly the following questions:
List any two conditions where time-rate system of wage payment is most suitable.
Answer the following question:
State two conditions where the piece-rate system is most suitable.
State any three advantages and any three disadvantages of the Piece rate system of wage payment.
Answer the following question:
Explain the time rate system of wage payment.
Differentiate between the wage incentive plans given by Halsey and Rowan.
Answer the following question:
State and explain any two advantages and two disadvantages of the time rate system of wage payment.
Explain the piece rate system of wage payment.
State any three demerits Piece Rate System.
Assertion: Piece Rate system of wage payment is suitable when the work is repetitive in nature and the output can be measured.
Reason: Piece Rate system can cause insecurity among the workers as minimum wage is not guaranteed.
Distinguish between Piece rate system and Time rate system of remuneration on the following basis:
- Quality of work
- Wastage of resources
- Attitude of Trade Unions
- Weightage to efficiency
