EMPLOYEE COST
Emloyee Cost
Total earnings, wage Rate Labour
cost to company, system turnover
effective cost /hr
charged to Job
Factory Act 1948
→ Work for more than 9 hr a day
or
→ more than 48 hrs a week
→ Objective
Compute labour cost Control labour cost
→ Labour cost = all the payment made to worker
or
Basic + Bonus
Wage Rate System
Time Rate Syetem Piece Rate System
→ Time Rate Syatem
Basic Wage = Time Taken x Rate/ hr
Bonus will be paid only to efficeinet worker
→ Efficiency
As per time As per output
Keeping unit constant Keeping time constant
Time taken is less Units produced is more
Effective hourly Rate = Total wages
Time Taken
Time Allowed:- [TA] :- It is time allotted by the management to the worker to complete the
task. It can also be termed as “Standard Time." It will also include normal idle time.
1
Emloyee Cost
Total earnings, wage Rate Labour
cost to company, system turnover
effective cost /hr
charged to Job
Factory Act 1948
→ Work for more than 9 hr a day
or
→ more than 48 hrs a week
→ Objective
Compute labour cost Control labour cost
→ Labour cost = all the payment made to worker
or
Basic + Bonus
Wage Rate System
Time Rate Syetem Piece Rate System
→ Time Rate Syatem
Basic Wage = Time Taken x Rate/ hr
Bonus will be paid only to efficeinet worker
→ Efficiency
As per time As per output
Keeping unit constant Keeping time constant
Time taken is less Units produced is more
Effective hourly Rate = Total wages
Time Taken
Time Allowed:- [TA] :- It is time allotted by the management to the worker to complete the
task. It can also be termed as “Standard Time." It will also include normal idle time.
1