Which of the following statements are true/false?<br>1. A minimum rate of wages for the time spent by employees for the production of output is minimum time rate.<br>2. Minimum piece rate is the rate based on the quantity of the output employees have produced.<br>3. The guaranteed time rate is a minimum rate of remuneration to apply in the case of employees employed on piece work for the purpose of securing to such employees a minimum rate of wages on a time work basis.<br>4. A minimum rate of remuneration to apply in the case of employees employed on piece work for the purpose of securing to such employees a minimum rate of wages on a time work basis is overtime rate.

Correct Answer: 1, 2, 3 and 4 are true