.

2. ABHSHEK-66
AKANCHHA-68
RAJ RAYMOND-92
SHYMAL MAJUMDAR-102
RAVI KUMAR-108

3. Labour costing, different
remuneration systems and
incentives plans.

5. The cost of wages paid to workers
during an accounting period on
daily,weekly,monthly,or job, basis, plus
payroll and related taxes and benefits.

6. Time rate system
Piece wage system
Incentive plans

7. Under this system of wages payment, workers are
paid according to the time for which they work.
Payment may be on hourly basis, weakly basis, or
monthly basis.
Wages= No. of hours worked ×Rate per hour

8. Simplicity
Security to workers
Quality of work
Accepted by trade unions
Unity in labour

9. Lack of incentive
Lower production
More supervision
Idle time
Costing difficulties

10. Under this method, workers are paid in proportion
to the work done by them. The rate is fixed per unit
of output, per article, per commodity, etc. the
worker is paid for the total units manufactured.
Total earning= Units manufactured ×Rate per unit

11. Incentive to efficient worker
Increase in production
Decrease in production
Equitable wages
Simple and easy

12. Lack of secured wages
Inferior quality of the product
Injurious to health of workers
Unsuitable in certain cases
Difficulties in fixing piece rate

13.  It induce a worker to produce more to earn a higher wages.
Naturally, producing more in the same period of time should
result in higher wages for the worker .
 The primary purpose of an incentive plan is to induce a
worker to produce more to earn a higher wages.

14. Motivation
Increased earning
Loyalty
Reduced turnover
Collaborative efforts

15. Cash bonuses
Non-cash incentive
Group incentives
Commission

16.  It is a simple combination of time and piece rate systems. A
worker is paid a guaranteed base rate and is rewarded when
his performance exceeds standard.
 The total wages payable is calculated as under: =(hourly rate
× time taken)+(50% ×time saved ×hourly rate)

17. Simple
Efficient worker
Shares benefits
Minimum base-wage

18. Quality suffers
Fixed bonus

19. A standard time is established in respect of each job
or process. There is a guaranteed base rate.
The total wages payable is calculated as under:
=(hourly rate × time taken)+(time saved × time
taken)× hourly rate time allowed

20. Minimum wage to worker
Protect the employer
Gain arising
Reduction in labour

21. Not understandable
Not easy to operate
Incentive given to workers
Time saved

22. This system was introduced by F. W. TAYLOR ,the father of
scientific management.
 ADVANTAGES
• Incentive to efficient workers.
 DISADVANTAGES
• Not guarantee minimum wages
• Wide discrimination between efficient and inefficient
workers.

23. This topic is tell about how remuneration is calculated and accounted for:
 REMUNERATION METHOD
LABOUR COST CAN ARISE FROM;
• Bonuses
• Holiday pay
• Sick pay
• Payroll taxes