Give four difference between time wage system and piece wage system
Answers
Answer:
Time rate system is a method of wage payment to workers based on time spent by them for the production of output. Piece rate system is a method of wage payment to workers based on the quantity of output they have produced. Time rate system pays the workers according to the time spent in the factory.
Answer:
1) Security: Time wage systems provide a security to the workers as they are assured of their wages. While wages in piece wage system varies from month to month.
2) Wastage: wastage of time is high in time wage system and in piece wage system wastage of raw material, machines is high.
3) Supervision: supervision is required so that there will be no wastage in time wage system but in piece wage system no supervision is required.
4) Quality: quality of the product is good in time wage system as compared to piece wage system.