With the help of an example explain 'differential piece rate plan'.
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Explanation:
In this the standard time for completion of the task is fixed with the help of time and motion study. If any worker completes his task within the time limit, he gets paid at a higher rate and if he fails to complete it within the time limit he gets paid at a lower rate.
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Explanation:
Standard Time per piece = 20 minute; Normal Rate per hour = 0.90; In a 9 hour day, X produces 25 units and Y produces 30 units. Lower rate is 80% of normal rate and higher rate is 120% of normal rate.
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