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Labor burden is the actual cost of a company to have an employee, aside from the salary the employee earns. Labor burden costs include benefits that a company must, or chooses to, pay for employees included on their payroll.
Time Rate Systems. Time Rate System: Under this system, the worker is paid by the hour, day, week, or month. High Wage plan: Under this plan a worker is paid a wage rate which is substantially higher than the rate prevailing in the area or in the industry. In return, he is expected to maintain a very high level of performance, both quantitative ...
Here are some examples using different hourly rates for a 45-hour week, before taxes. Hourly Wage. 50% of Hourly Wage. Time and a Half Rate. Wages per 45-Hour Work Week. $12. $6. $18. $570. $14 ...
Man-hour rate – the amount of man-hours which are consumed executing one unit of work activity. Man-hour rate = man-hours required for work / completed work quantity. Example: Excavation 0.125 mh/cy. The man-hour rate is related to the inverse of the production rate times the number of workers in the crew performing the work.
Basis of estimate (BOE) is a tool used in the field of project management by which members of the project team, usually estimators, project managers, or cost analysts, calculate the total cost of the project.
The fair rate is the amount that allows an average worker to be paid the minimum wage per hour if they work at an average rate. This must be calculated in a set way, a control trial is run to determine the average items produced by equivalent workers, this is divided by 1.2 to reach the agreed average figure, and the fair rate is set to ensure ...
Although the generally accepted human-resources meaning for the "E" in FTE is "equivalent", the term is often overloaded in colloquial usage to indicate a "direct, as opposed to contract, full-time employee". [5] The term WYE (work year equivalent) is often used instead of FTE when describing the contractor work. [6]
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