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AccountancyNEB 2080

What is piece rate system of wages payment? [1]

1

Answer

· Based on the official syllabus and past papers
Updated

The piece rate system of wages payment is a method of remunerating workers based on the quantity of work completed rather than the time spent. Under this system, employees are paid a fixed amount (piece rate) for each unit of output produced.

Key Features:

  • Output-Based Payment: Workers earn wages proportional to their productivity.
  • Fixed Rate per Unit: A predetermined rate is set for each completed piece of work (e.g., ₹10 per shirt stitched).
  • Incentive for Efficiency: Encourages workers to increase productivity to earn more.
  • No Fixed Working Hours: Payment depends on output rather than hours worked.

This system is commonly used in industries like garment manufacturing, agriculture, and construction. However, it may lead to quality concerns if workers rush to maximize output.

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