Payment For A Day

Payment For A Day

Day Rates

We can define day rate as the price paid for doing a particular work for the full day. Per diem is used to refer day rate by few markets. We can say that it is a payment given by a company for one full days’ work which is usually 7.5 hours of work in a day. There are few purchasing firms that will that opt to have a quotation for day rate rather than paying on an hourly basis. Day rates will vary remarkably depending on what type of work needs to be done and in which geographic area the work is done. Unlike day rates, the payment got from trading will not vary depending on the region of work especially when it comes to trading softwares, be careful as few apps such as  Olymp Trade can be a scam and doesn’t provide much scope for earning.

A specific rate is fixed by negotiating to be paid depending on day rates for workers who are not placed under the cover of salary or people who work on contract. Some of the examples of situations under which day rate is used are as follows:

  • To fix the rate to be paid for a worker who works manually.
  • To fix the rate of a room in a hotel when an overnight stay is not required.
  • To fix rate to be paid to a contract worker to do some work for their client.

The day rate will be high for works that need special skills when compared to a work that can be taught to a worker as they start working instantly such as digging a gutter or heaving the rocks. The area in which the work is done will make a lot of difference as well. Geographic areas and countries where the standard of living is high the day rates paid are also high for a worker who do perform manual work and countries that are emerging or areas inside a developed country that has a low standard of living will get lower day rates.

Per Diem Payments

Per diem in Latin means per day. Per diem is payment given in the form of allowance to the employees so that they can cover their expenses when they are away on a business tour. Expenses that incur during a business trip are as follows:

  • Transportation
  • Accommodation
  • Food
  • Another type of secondary expenses

Per diem payments are most commonly used for some particular job title like consulting personnel as they travel extensively.

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