wage

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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 ?
Republican opposition to a statewide minimum wage is backed by the powerful business lobby, which has argued that raising the minimum wage through government action is unsustainable for small businesses that then have to raise wages for all employees or reduce the number of positions available to keep up with wage hikes.
We use the OES rather than the most common source of overall average wages, Current Employment Statistics (CES), because the CES lacks the occupational detail we need for the decomposition.
What is worse is minimum wage workers have seen the purchasing power of their earnings decline since 1968, when the minimum wage hit its peak.
Labor market outcomes such as wages, the number of vacancies, and the number of unemployed are determined by these three building blocks--the vacancy-supply curve, the wage-setting schedule, and the Beveridge curve.
The glut of illegal aliens suppressed wages, shut out American workers, and consigned newly arrived immigrants to a life of impoverishment.
He completed a 31/2-month emergency medical technician training course last fall at Antelope Valley College, and takes a certification test next month that would allow him to start working as an EMT, a job that pays significantly higher wages.
So while raising the minimum wage might have teens downloading more songs from iTunes, critics say, it would not actually help workers struggling to feed their families.
also disputed the IRS's claim that certain payments were FICA wages.
The minimum wage has not been raised since 1997, largely because of politics, says Margaret C.
In China, Mexico and increasingly Central America and South and South East Asia producing-companies often from yet some other country pay below living wages to mostly female workers herded into appalling, cramped dormitories and factories.
Every increase in the minimum wage raises the overall costs of small-business owners, and they must react in order to stay in business.
Forty-three states already recognize tips as wages.