wage

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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 ?
Most of the discussion has focused on the median and average hourly wage, but these measures are sensitive to changes in the mix of occupations.
The increase in average hourly wages over the 4-year period for the occupations shown ranged from 2.
Monthly and Hourly Wages of Women and Men, 1990 and 2004 (gross wage income of employees, in constant 2004 prices) Wage Women's Wages Year Gender in NIS as a % of Men's Wages Monthly 1990 Men's 7,090 Women's 4,026 57% 2004 Men's 8,459 Women's 5,357 63% Hourly 1990 Men's 37.
Department of Labor, Vedder says only lawyers and judges earned significantly more than teachers on a weekly basis in 2001 and their hourly wage topped the highest paid category of workers--in executive, administrative and managerial fields.
To construct the index, CMS first standardizes the reported hourly wages to remove the effects of different fiscal period-end dates, and then adjusts them to remove wage and hourly data from non-hospital portions of each facility's business.
The average hourly wage for all technologist respondents in 2001 was $20.
We modified the commodity grade businesses like the Walkman, housewares and accessories, and we put those people on an hourly wage, and we eliminated commissions," he said.
When the new contracts are in effect, production workers at these two plants will still earn the highest hourly wages of any unionized Tower workers.
As a result, the hourly wages of men (and of women in full-time work) pull further and further ahead.
In the EU27, hourly wages and salaries expanded by 2.
The idea also received the support of the Chair of the Bulgarian Industrial Association (BIA), Dimitar Brankov, who points out it would allow people to have several jobs, adding international experience shows countries with minimum hourly wages have the lowest unemployment rate.