What is wage type in SAP PP - Production Planning and Control?

SAP Term: wage type

• Component: PP

• Component Name: Production Planning and Control

• Description: A criterion for calculating an employee's wage or salary. Piecework wage and premium wage are examples of wage types.

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• Key Concepts: 
  A wage type is a component of the Production Planning and Control (PP) module in SAP. It is used to define the wages and salaries of employees in a company. Wage types are used to calculate the total cost of labor for a given period, and can be used to track employee performance. 
  
  How to use it: 
  In order to use wage types, they must first be created in the PP module. This can be done by entering the wage type name, description, and other relevant information. Once created, wage types can be assigned to employees in order to track their wages and salaries. 
  
  Tips & Tricks: 
  When creating wage types, it is important to ensure that they are properly configured in order to accurately track employee wages and salaries. Additionally, it is important to ensure that all relevant information is entered correctly in order to avoid any discrepancies when calculating total labor costs. 
  
  Related Information: 
  For more information on wage types and how they are used in SAP, please refer to the SAP Help Portal or contact your local SAP support team.