A manufacturing enterprise remunerates its employees on an hourly rate basis with a bonus scheme 1/3 the time saved.
a. Based on the data given below, you are required to calculate the remuneration of each of the five employees of the company. in each case show the following;
i. Time allowed
ii. Time saved
iii. Rate per hour
iv. Basic wages
v. Bonus earnings
vi. Total earnings
Name of Employees peter Asase John Ibrahim Yoko
Units produced 450 560 640 480 720
Time allowed (in minutes per unit) 20 15 12 18 10
Time taken (in hours) 126 104 110 146 90
Rates per unit based on Time allowed (GHC) 45 40 35 36 25
b. If the employee’s income tax rate is 12.5% of the total earnings find the pay for each employee.
