pay

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Payment

The reception of compensation for a good or service. For example, if one sells a hairdryer for $10, the payment is $10. In a cash sale, payment is made immediately or almost immediately, while in a credit sale, payment may be delayed for a certain period of time.

pay

the money paid to an employee for performing specified work tasks or JOBS. Payment to employees for the labour they provide takes two main forms:
  1. PAYMENT BY TIME, principally weekly WAGES and OVERTIME, together with monthly SALARIES;
  2. PAYMENT BY RESULTS, principally PIECEWORK, INCENTIVE BONUSES, GROUP INCENTIVE BONUSES.

The main distinction between the two is that ‘payment by time’ systems remunerate workers for the amount of labour supplied (i.e. the input of labour) per time period (hourly, weekly etc.) irrespective of the amount of output produced; whereas ‘payment by results’ systems remunerate workers specifically for the amount or value of the output produced in a given time period. ‘Payment by results’ is favoured by many firms because it is thought to provide a strong financial incentive for workers to strive to maximize their output rather than work at a more leisurely pace, but the firm may be required to install appropriate INSPECTION systems to ensure that extra output has not been achieved at the expense of product quality and reliability.

Pay rates are determined by a number of factors including the forces of supply and demand for particular types of job in the LABOUR MARKET, the bargaining power of TRADE UNIONS (see COLLECTIVE BARGAINING) and the general economic climate (see, for example, PRICES AND INCOMES POLICY). In addition to receipt of money employees may receive various other work-related benefits such as free or subsidized meals, travel allowances, a company car, etc. (see FRINGE BENEFITS). See ATTENDANCE BONUS, MERIT PAY, COMMISSION, FEE, PERFORMANCE-RELATED PAY, CAFETERIA BENEFITS, COMPARABILITY, INCREMENTAL PAY SCALE, WORK MEASUREMENT, PROFIT-RELATED PAY, EMPLOYEE SHARE OWNERSHIP PLAN, PAY DIFFERENTIALS, LOW PAY, GAINSHARING, EXECUTIVE SHARE OPTION SCHEME, LONG-TERM INCENTIVE PLAN, SHARE INCENTIVE PLAN, MINIMUM WAGE RATE, FINANCIAL PARTICIPATION.

pay

the money paid to an employee for performing specified work tasks or jobs. Payment to employees for the labour they provide takes two main forms:
  1. payment by time, principally weekly WAGES and OVERTIME, together with monthly SALARIES.
  2. payment by results, principally PIECEWORK payments, bonuses (see BONUS SCHEME), PROFIT-RELATED PAY and COMMISSIONS.

The main distinction between the two is that ‘payment by time’ systems remunerate workers for the amount of labour supplied (i.e. the input of labour) per time period (hourly, weekly, etc.), irrespective of the amount of output produced, whereas ‘payment by results’ systems remunerate workers specifically for the amount or value of the output produced in a given time period. ‘Payment by results’ is favoured by many firms because it is thought to provide a strong financial incentive for workers to strive to maximize their output rather than work at a more leisurely pace, but the firm may be required to install appropriate inspection systems to ensure that extra output has not been achieved at the expense of product quality and reliability.

Pay rates are determined by a number of factors, including the forces of supply and demand for particular types of job in the LABOUR MARKET (see WAGE RATE), the bargaining power of TRADE UNIONS (see COLLECTIVE BARGAINING) and the general economic climate (see, for example, PRICES AND INCOMES POLICY).

In addition to receipt of money, employees may receive various other work-related benefits such as free or subsidized meals, travel allowances, a company car, etc. See FRINGE BENEFITS, DEFERRED COMPENSATION. See EMPLOYEE SHARE OWNERSHIP, PROFIT SHARING.

References in classic literature ?
An six hundred crowns,'' said Isaac, ``the good Prior might well pay to your honoured valours, and never sit less soft in his stall.
I am a broken and impoverished man; a beggar's staff must be my portion through life, supposing I were to pay you fifty crowns.
It remained that the Jew should produce some security for the ransom which he was to pay on the Prior's account, as well as upon his own.
These few, who do no work, determine what pay the vast hive shall have who DO work.
The law says that if any master shall venture, even under utmost press of business, to pay anything OVER that cent a day, even for a single day, he shall be both fined and pilloried for it; and who- ever knows he did it and doesn't inform, they also shall be fined and pilloried.
sorry for thee, yet I am right glad that I have had a chance to pay a part of my debt of kindness to thy good master Robin Hood, for it might have gone ill with thee had I not come, young man.
She distils nothing of the kind, vile rabble," said Don Quixote, burning with rage, "nothing of the kind, I say, only ambergris and civet in cotton; nor is she one-eyed or humpbacked, but straighter than a Guadarrama spindle: but ye must pay for the blasphemy ye have uttered against beauty like that of my lady.
The pile of cuffs grew into a mountain, and Martin knew that he was doomed to toil for a thousand years to pay for them.
2 : to give money for (something owed) <I have to pay the rent.
com Deadline: 04/30/2007; Number awarded: 6 Please visit our website for instructions Scholarship money pays for: Tuition for classes, salary assistance
A Realtor just e-mailed me a listing, and I took one look at it and said, `We've lived there already,''' notes the British-born Pays with a smile.
For everyone eligible for Medicare, a complicated new program called Part D will help pay for medicines starting January 1, 2006.