ENTREPRENEURSHIP

Detailed explanation-1: -The piece rate system is that system of wage payment in which the workers are paid on the basis of the units of output produced. Piece rate system does not consider the time spent by the workers. Piece rate system is the method of remunerating the workers according to the number of unit produced or job completed.

Detailed explanation-2: -Piecework, also called task-based pay or output-based pay, is a way of paying workers for what they accomplish based on the measurable outcome of their work. For example, if a worker’s task is to glue birdhouses together, you would pay them a certain amount of money for each birdhouse they glue together.

Detailed explanation-3: -There are three kinds of wages minimum wage, fair wage & living wage. At the bottom of the ladder there is the minimum basic wage which the employer of any industrial labour must pay in order to be allowed to continue in industry.