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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
But that pace of wage growth slowed at the beginning of the new year, when the average hourly wage increased by just three cents to hit $26.
All servers strongly agreed that overall service quality would drop precipitously if their tip income were replaced with a fixed hourly wage, especially for "loud," "obnoxious," and "arrogant" customers, as well as customers with unruly and messy children.
Workers living there need to earn an hourly wage of at least $13.64 in order to afford rent.
OES's estimate of the national average hourly wage in May 2013 is $22.81, $1.60 less than the CES estimate.
Interestingly, the average hourly wage of Arab women is higher than that of Arab men, while their average monthly wage is lower (see figure on page 8).
The mean hourly wage for these workers was $9.88, below the sector average of $13.12 per hour.
Hourly Wage Gaps between Men and Women Selected countries, 2011, in percentages Country Gap between hourly wage of women and men Estonia 27.3 Iceland (2008) 24.5 Austria 23.7 Germany 22.2 Greece (2008) 22.0 Czech Republic 21.0 Slovakia 20.5 United Kingdom 20.1 Finland 18.2 Hungary 18.0 Netherlands 17.9 Switzerland 17.9 Israel 17.0 Cyprus 16.4 Denmark 16.4 Spain 16.2 Norway 15.9 Sweden 15.8 France 14.7 Ireland (2010) 13.9 Canada 13.7 Latvia 13.6 Bulgaria 13.0 Portugal 12.5 Malta 12.9 Romania 12.1 Lithuania 11.9 United States 10.6 Belgium 10.2 Luxembourg 8.7 Italy 5.8 Poland 4.5 Turkey (2010) 3.8 Slovenia 2.3 Note: Data for Israel calculated based on the CBS statistics.
Average maximum hourly wage paid to prisoners, nationwide
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From October hourly wage for over 21s will rise to pounds 6.08
Schur said the town's human resources administrator discovered that under the Fair Labor Standards Act, seven or eight employees currently paid a salary should be paid an hourly wage instead.
The actual cost per hour for a full-time RN is on average 176 percent of the base hourly wage, says KPMG, which conducted the survey for the National Association of Travel Healthcare Organizations.