Employee Cost (Labour Costing) in English | CA Inter Costing Chapter 3 | Labour Costing | ICAI Exams

Employee Cost (Labour Costing) in English | CA Inter Costing Chapter 3 | Employee Cost in English | Labour Costing in English One Shot | CA Inter Paper 4 Labour Costing

In this video, we will discuss all concepts, problems, and examples related to the Employee Cost (Labour Costing) Chapter of Costing in English for CA Inter Students. CA Inter Costing Chapter 3 has been thoroughly covered by Nishant Sir under the guidance of Chandan Poddar Sir for CA Inter Grooming Education, in collaboration with Escholars.

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Topics Covered in This Video:
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To manufacture a product or to make provision for service, the role of human exertion is inevitable. The term used for human resources may include workers, employees, labourers, staffs etc. Whatsoever nomenclature may be used to denote them; they are required to be compensated for their exertions. The compensation so paid, either in monetary terms or in kind and facility is known as wages. Cost of paying wages to workers is popularly known as labour cost as it relates to labour (exertion) they put for manufacturing of product or provision of services; hence, employee cost is also interchangeably known as labour cost. In a nutshell, employee cost is wider term which includes wages, salary, bonus, incentives etc. paid to an employee and charged to a cost object as labour cost. Unlike other costs, employee costs are influenced by human behavior.

Employee (Labour) cost: Benefits paid or payable to the employees of an entity, whether permanent, or temporary for the services rendered by them. Employee cost includes payments made in cash or kind. Employee cost includes the following: (i) Wages and salary; (ii) Allowances and incentives; (iii) Payment for overtimes; (iv) Employer’s contribution to Provident fund and other welfare funds; (v) Other benefits (leave with pay, free or subsidised food, leave travel concession etc.) etc.

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