In last article we have discussed the wage system and one of its type that is time wage system Today we will discuss another wage system that is piece wage system.
Piece wage system meaning
Under the piece wage method the wages are paid on the basis of the output. They are paid on the basis of the number of units produced by them irrespective of time spent on the job. So the earning of the worker depends upon the speed of the worker so an efficient worker earns higher wages than the inefficient worker. Continue reading “Piece wage system”