time rate
"Time rate" is a compensation system where payment is based on the duration of work rather than the output.
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Definition
B2Business
(common)A payment system where employees are compensated based on the hours they work.
Example
- In many retail jobs, workers are paid on a time rate basis.
B2Transportation
(common)The fare charged for using a service like a taxi, based on the duration of the ride.
Example
- The taxi fare was calculated using a time rate.
Similar
Terms that have similar or relatively close meanings to "time rate":