Wage
Wage is a fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker. Wages are part of the expenses that are involved in running a business.
Definition[edit | edit source]
The term wage is used to describe the monetary compensation an employee receives in exchange for the work they perform. It is a form of income that is paid directly to an employee by their employer. Wages are typically based on a set amount per hour worked, and the employee's wage is calculated by multiplying the number of hours worked by the hourly rate.
Types of Wages[edit | edit source]
There are several types of wages, including:
- Minimum wage: This is the lowest wage that an employer can legally pay an employee. The minimum wage is set by government legislation and varies from country to country.
- Living wage: A living wage is a wage that is high enough to maintain a normal standard of living.
- Prevailing wage: This is the wage paid to the majority of workers within a specific area. Prevailing wages are often used in government contracting to ensure that companies pay their workers fairly.
Wage Determination[edit | edit source]
Wage determination is the process by which the pay for a job is decided. It can be influenced by several factors, including:
- The nature and complexity of the job
- The level of education and experience required
- The supply and demand of workers in the field
- The cost of living in the area
- The profitability of the company
Wage and Salary Comparison[edit | edit source]
While the terms wage and salary are often used interchangeably, they do have different meanings. A wage is a payment made to a worker based on the number of hours worked, while a salary is a fixed regular payment made to an employee, regardless of the number of hours worked.
See Also[edit | edit source]
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