ECONOMICS

Detailed explanation-1: -This method is oldest form of payment to workers. In this method, wages is paid on the basis of time spent by the worker irrespective of the output or work done. Wages may be fixed per hour or per day basis.

Detailed explanation-2: -What’s it: Time-based wage is a remuneration system calculated based on the time contributed by workers. It is usually calculated based on hours worked. Thus, the total wage paid to each individual is equal to the total hours worked times the hourly rate.

Detailed explanation-3: -This time rate system calculation is based on the working hours of the employee, that is the amount of time spent on the work along with the amount of work delivered within the specific period of time. Formula: Wages= Total hours worked X Wages rate per hour.

Detailed explanation-4: -Under time wage system of wage payment, the worker is paid at an hourly, daily, weekly or monthly rate. Suppose, a worker is paid at the rate of Rs 0.75 per hour and he has spent 220 hours during a particular month; his wages will be Rs 165 (time multiplied by rate i.e., 220 hrs. 75 P.).

Detailed explanation-5: -Idle Time Defined Idle time is the time for which employees are paid, but for which they are not doing actual work.