pay

(redirected from paying)
Also found in: Dictionary, Thesaurus, Medical, Legal, Idioms, Encyclopedia, Wikipedia.
Related to paying: Samsung Pay

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 periodicals archive ?
Paying the media also jeopardizes their important role as unbiased observers in society.
It's not necessarily the best policy to use up all spare cash paying off debts, however.
They begin setting money aside in October and do so by paying the minimum on credit cards for Octo ber, November, and December and by foregoing restaurant meals and entertainment.
If taxpayers are paying a huge premium to public school teachers merely because they belong to powerful unions and work in unpleasant environments, then the costs of failing to reform the system are indeed substantial.
As reported by REW in the past, it is also not unusual for rent control tenants paying a small rent to reconstruct their apartments, refinish bathrooms and kitchens and bring in their own painter, since they have plenty of money to do so by not paying a fair market rent.
Paying these premiums pretax saves the employee federal income and Social Security taxes.
The amount I wind up paying is money well spent because of the convenience and time savings," she asserts, "Now I can pay bills at virtually any time, from my home, my office, or my laptop if I'm on a business trip.
Albert in benefiting from services provided to her must bear the costs involved in paying for those services.
If faced with the prospect of paying both sides' lawyers' bills, Peters said, plaintiffs would not bring frivolous suits and defendants would not use delaying tactics to prolong cases they know they will eventually lose.
For example, CalPERS criticized ITT for paying its CEO Rand Araskog $30 million over a four year period during which the company's stock fell 10 percent.
The distinct advantage of this approach over a rabbi trust, or any other approach to paying supplemental retirement or deferred compensation benefits, is that secular trust funds are not subject to claims of the company's creditors.