Employee cost should reflect the total cost to the company for compensating employees for their services and also for retaining them. Therefore, employee cost includes both monetary and non-monetary benefits. Employee cost does not include the cost of recruiting and training employees. Examples of monetary benefits are basic salary and dearness pay/allowance; overtime pay; productivity, and profit sharing bonus; house [...]
The following points highlight the four main types of labour cost records. The types are: 1. Clock Card 2. Daily or Weekly Time Sheet 3. Job Cards 4. Piece Work Cards. Type # 1. Clock Card: At the time of coming in or leaving the factory premises, the employee will use a card called 'clock card' at the factory gate [...]
In this article we will discuss about the causes of Idle time of workers. Also learn about the accounting treatment of idle time. In the production process, lost time may occur for several reasons. The idle time is the difference between hours paid and hours worked. Where the workers are paid on time basis, the idle time is the difference [...]