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In calculating an appropriate piece work rate, employers must keep track of average productivity rates for specific activities and set a piece work rate that ensures that all workers are able to earn minimum wage. [12] If a worker earns less than the minimum wage, the employer has to pay the difference.
Differential time rate : According to this method, different hourly rates are fixed for different levels of efficiency. Payment on Result. Piece Work Straight piecework system : The wages of the worker depend upon his output and rate of each unit of output; it is in fact independent of the time taken by him.
The wage is the monetary measure corresponding to the standard units of working time (or to a standard amount of accomplished work, defined as a piece rate). The earliest such unit of time, still frequently used, is the day of work.
Method of payment (remuneration or compensation) – The work done could be paid "in cash" (a money-wage) or "in kind" (through receiving goods and/or services), or in the form of "piece rates" where the wage is directly dependent on how much the worker produces.
A manual laborer at work in Venezuela. A blue-collar worker is a member of the working class who performs manual labor and either earns an hourly wage or is paid piece rate for the amount of work done. This term was first used in 1924. [4]
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Compensation according to piece rate, that is contributions to output, both when output is easily measured [23] or when only the worker knows the difficulty of the job and his own contribution, [24] efficiency-improving contracts as constrained by noise in production contributions, moral hazard , and distribution of risk aversion , [ 20 ]