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Labor costs in a budget

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1. Labor costs consist of the wages, salaries and honoraria paid to individuals directly involved in implementing the project.

2. Labor costs are calculated by multiplying the personnel time needed in the project by the unit cost of the resource. The unit costs for personnel are usually in hours or days.

File Courtesy: 
http://www.knowledgebank.irri.org/economics/index.php/the-connection-between-budgeting-and-accounting/11-labor-costs-in-a-budget
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