Difference between revisions of "Labour Costs"
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Latest revision as of 18:22, 11 March 2020
Labour Costs - (noun)
Definition
This is the total of all payment made to employees, including the cost of benefits and taxes. Direct labour costs refers to wages and salaries paid to employees. Indirect labour costs include the costs of support labour such as those who might maintain equipment.
Extra
Source: Adapted from Investopedia
Example of Use: Employers usually attempt to minimise their labour costs by keeping wages low.