Calculation earnings A company currently remunerates its factory workers on a time basis and is now considering
Question:
Calculation earnings A company currently remunerates its factory workers on a time basis and is now considering the introduction of alternative methods of remuneration.
The following information relates to two employees for one week:
The time allowed for each unit of output is seven standard minutes. For purposes of piecework calculations each minute is valued at £0.05. Required:
(a) Calculate the earnings of each employee where earnings are based on:
(i) piecework rates with earnings guaranteed at 80% of pay calculated on an hourly basis; (4 marks) (ii) premium bonus scheme in which bonus (based on 75% of time saved) is added to pay calculated on an hourly basis. (3 marks)
(b) Describe two situations in which the time basis of remuneration is likely to be more appropriate than piecework schemes.LO1
Transcribed Image Text:
Y Z Hours worked 44 40 Rate of pay per hour 3.50 4.50 Units of output achieved 480 390
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