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 ?
If instead hourly wages within each occupation were held fixed, the average wage would have increased 2.
Of the occupations shown, only helpers--pipelayers, plumbers, pipefitters, and steamfitters had a mean hourly wage higher than the U.
In contrast to Get Me Back To Work, increased hourly wage employee turnover is a symptom of traditional hiring practice obsolescence.
From October hourly wage for 16-17-yr-olds will be pounds 3.
Specifically, I test the hypothesis that the higher the opportunity cost of the physician's time (as measured by hourly wage), the less likely the physician will be to provide any charity care, and conditional on providing any charity care, hourly wage will be negatively associated with the amount of charity care provided.
And the ones that got away had a higher average hourly wage, $16.
The average hourly wage in the low/lower-middle-income nations is one-twentieth of that in the upper-middle/high-income group.
The new contracts offer a higher hourly wage, but they scrap workers' rights to double-time and time-and-a-half pay, as well as days in lieu of bank holidays.
Recent data collected by Drogin, Kakigi and Associates, a statistical consulting firm hired by the plaintiffs, shows that female Wal-Mart employees receive, on average, an hourly wage that is 24 cents less than that of their male counterparts.
Minimum hourly wage that big-box stores like Wal-Mart must pay in Chicago by 2010, according to a new city ordinance.
That history combined with labor economics allow us to translate the atypical work and funding structure of childcare into numbers that everyone can understand-an hourly wage.
Approximately 60 per cent of participants from each group found employment within three months following the training and the mean hourly wage of all participants post-training was US$9.