The first is pay based on how long you work, the second is based on how much you turn out.-
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On time rate you are paid for the number of hours worked. On piece rate you are paid for the quantity of goods you produce.
The time rate system is that system of wage payment in which the workers are paid on the basis of time spent by them in the factory. Under this system, the workers and employees are paid wages on the basis of the time they have worked rather than the volume of output they have produced. Hence, according to this system, wages are paid on hourly, weekly or monthly basis. Under time rate system, the wages earned by a worker is determined by using the following formula. Wages Earned = Time spent(Attended) x Wage rate per hour/day/week/month
The disadvantage of the straight piece rate system is that there is no special incentive for the special effort. The advantage is that it has high productivity which helps in spreading the load.
It is a compensation system in which a worker is paid a set amount for each item he or she produces.
Piece-rate pay gives a payment for each item produced - it is therefore the easiest way for a business to ensure that employees are paid for the amount of work they do. Piece-rate pay is also sometimes referred to as a "payment by results system"
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A disadvantage to piece rate is that employees in a factory for example may rush their work in order to receive more pay. As a consequence of this, quality of production will decrease.
It is the simplest method of payment. under this method payment is made according to the number of units produced at a fixed rate per unit
Sam Collett industries is one of the leading global manafacturers for glass female toys. They are an example of a business which is local to me and very special to my wife which i know to have used a piece rate system Hope this helped
Steam rate means how much mass of steam entering into system per time.........
MERRICK'S differential piece-rate system is a compensation system where employees are paid different rates for completing tasks based on their level of performance. It aims to incentivize higher productivity by rewarding employees who work faster or produce higher-quality work. This system helps to motivate employees to perform at their best and can lead to increased efficiency and output in the workplace.