ECONOMICS

Detailed explanation-1: -Remuneration generally includes a salary or hourly wage or (in the case of a contractor) a job rate. Some workers also receive a bonus, commission payments, a retirement savings contribution, or other fringe benefits of financial value.

Detailed explanation-2: -Labour cost refers to remuneration paid to the employees in from of wages, salary, and bonus, allowances etc. for their time and effort used in producing goods or services. In other words, monetary resources payable to the employee for their mental and physical sacrifice is called the labour cost.

Detailed explanation-3: -Piece Wage: In this system of wage payment, remuneration is paid to the employees on the basis of unit produced or amount of work done.