What is the difference between Time rate system and Piece wage system?

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Comparison between Time rate system and Piece wage system

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Time rate system and Piece wage system may be compared in following lines:
(1) In time wages, time is the basis of payment whereas in piece wages quantity of work is the basis of payment.
(2) Time rate system does not make a distinction between efficient and inefficient workers whereas piece rate system gives a premium on efficiency.
(3) Time rate system provides security of wages to workers while piece rate docs not.
(4) Time rate system may be used where quality is more important than quantity whereas piece rate system is used where quantity is more important than quality.
(5) Labour unions generally prefer time rate system and oppose piece rate system.