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Time and Piece rated contracts for labour

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(Querist)
06 November 2008 Can you tell me some basic considerations for internal audit purpose regarding Time and Piece rated contracts for labour?
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
07 November 2008 Time rated wages is based on the rate/day, week or month, as the case may be, as agreed to between the employer and employee and with reference to the attendance records, while piece rated is based on the rate per piece produced as agreed by the employer and employee.
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