Time rate
Time-based pay is a form of remuneration in which employees are paid based on the number of hours they have worked.
In contrast to incentive pay, where payment is linked to the productivity achieved or the output produced, time-based pay is based solely on the hours worked.
Employees receive a fixed hourly wage, regardless of their individual performance or productivity during this time.
Time-based pay is a common pay structure in industries with standardized tasks and fixed working hours, such as the service sector or certain manufacturing industries.
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