Definition of Piece rate:
A rate of payment for piecework.
Payment by results. Wage determination system in which the employee is paid for each unit of production at a fixed rate.
How to use Piece rate in a sentence?
- An unskillful typesetter on piece rates.
- You need to try and have the highest piece rate you can so that your profit per sale can be as high as it can.
- In leiu of an hourly wage, all full and part time employees are paid a piece rate of $1.00 for each unit assembled correctly.
- The company was able to share the benefit of their savings with their workers due to the new piece rate policy.
Meaning of Piece rate & Piece rate Definition