wage

(redirected from wages)
Also found in: Dictionary, Thesaurus, Medical, Legal, Acronyms, Idioms, Encyclopedia, Wikipedia.
Related to wages: salary, Minimum wages

Wage

An amount of money paid each hour to compensate an employee for the amount of time he/she spends working. Wages are paid for both skilled and unskilled labor. For example, one may pay an employee $8 per hour for working at a fast food restaurant or $45 per hour for highly trained work at a car factory. What distinguishes wages from salaries is the fact that wages are only paid for the hours worked; an employee is paid more if he works for more hours. Salaries, on the other hand, are the same whether one works five hours or 50. See also: Overtime, Minimum Wage.

wage

the money payment made to a worker, usually on a weekly basis, for the use of his or her labour. A worker's basic wage will depend on the hourly WAGE RATE and the number of hours worked. The latter is usually related to the number of hours specified as constituting the ‘basic'working week, but in some cases workers may be given a GUARANTEED BASIC WAGE to protect them against loss of earnings due to short-time working, and in other cases workers may be able to add to their basic wage by OVERTIME earnings. In addition to PAYMENT BY TIME, workers may be paid in proportion to their output under a PAYMENT BY RESULTS scheme. See PAY, MEASURED DAY WORK.

wage

the PAY made to an employee for the use of his or her LABOUR as a FACTOR OF PRODUCTION. Wages are usually paid on a weekly basis, and they depend on the hourly WAGE RATE and the number of hours that constitute the basic working week. In addition, employees can add to their basic wage by working OVERTIME.

As an alternative to workers being paid on the basis of hours worked (a ‘payment by time’ system), employees may be paid in proportion to their output (a ‘payment by results’ system).

In aggregate terms, wages are a source of income and are included as a part of NATIONAL INCOME. See SALARY, NATIONAL INCOME ACCOUNTS.

References in periodicals archive ?
The Code on Wages Bill 2017 was introduced in Lok Sabha on August 8, 2017and it subsume four existing Laws - the Minimum Wages Act, 1948; the Payment of Wages Act, 1936; the Payment of Bonus Act, 1965; and the Equal Remuneration Act, 1976.
According to Tanjusay, the purchasing power of the P491 daily minimum wage in Metro Manila has been eroded to P357, an erosion of 27 percent as of May 2017.
In Oregon, the current standard minimum wage is $9.
Previous research has shown a wide dispersion of wages among European workers in firms close to the median decile; (1) a median-wage firm has a substantial proportion of high- and low-wage jobs.
Will Newton, executive director of the Texas chapter of the National Federation of Independent Business, said setting the minimum wages is a local control issue that should depend on "prevailing wages" in each area of the state.
The OES also shows less growth in average wages from 2011 to 2013, which is consistent with the evidence that recent wage growth has been stronger in high-wage occupations.
The latest wage order will take effect next month (April) and will cover around 12.
Minimum wages have insignificant effect on most employees older than teens.
To get a sense of how widespread are calls for a so-called "living wage," consider some recent news stories:
If we were to raise the minimum wage to $11 an hour, the Massachusetts Budget and Policy Center says more than 809,000 workers would be impacted directly and indirectly.
minimum wages, this means that if an individual is covered by the FLSA
The National Insurance Institute publishes figures on the proportion of salaried persons earning the minimum wage or less, the proportion of salaried persons earning the average wage or less, and the proportion of persons earning more than the average wage.