pay

(redirected from pays)
Also found in: Dictionary, Thesaurus, Medical, Legal, Acronyms, Idioms, Wikipedia.

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 ?
Yes, my dear father, and with your permission, now I have seen you, and know you are well and have all you require, I will ask your consent to go and pay a visit to the Catalans.
It is natural," said Colbert, with a proud ease, "that you should be ignorant of the usages of state-finance; but, monsieur, when you have a thousand livres to pay, what do you do?
But on Monday morning, when she came to his office to get her pay for the two turns, it was he who puzzled her.
If he slap you, we ain't got no pig for pay the fine,' she said insinuatingly.
It belonged to them, they had only to pay the money and it would be all right.
At least he shall not have to buy his fruit in the Land Where You Pay to Eat
This violent resolution was not lasting; his zeal gave way to his avarice, and he could not think of losing so large a sum as he knew he might expect for our ransom: he therefore sent us word that it was in our choice either to die, or to pay him thirty thousand crowns, and demanded to know our determination.
I do not believe that he intends to pay at all," replied Ginger.
Don Quixote added it up, found that it came to sixty-three reals, and told the farmer to pay it down immediately, if he did not want to die for it.
Mademoiselle will have the goodness to give me ten francs," said Desiree, on her return; "I have ordered every thing that is proper, but money is wanting to pay for some little articles that will soon come.
How cheerfully the bond he signed, To pay the money back again!
In the next place, there should, if possible, be a fund to pay all the citizens--who have any share in the management of public affairs, either as members of the assembly, judges, and magistrates; but if this cannot be done, at least the magistrates, the judges the senators, and members of the supreme assembly, and also those officers who are obliged to eat at a common table ought to be paid.