salary

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Salary

Regular wages and benefits an employee receives from an employer.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Salary

A regular compensation that an employee receives for working at a company. A salary is set by agreement between the employee and the employer and is not dependent on the number of hours worked. That is, the employee does not make more for working more than 40 hours per week and does not make less for working less than that.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

salary

a payment made to employees for the use of their labour. Unlike WAGES, salaries are not strictly related to the actual number of hours worked (though the CONTRACT OF EMPLOYMENT will usually stipulate the required working hours each week). Instead salaries are expressed in an annual sum, a portion of which is paid to the employee each month. An employee's salary is generally a function of the individual's age and experience, and the level of the job in the organization. Increasingly, an element of the employee's salary is based on some measure of individual performance. See INCREMENTAL PAY SCALE, PERFORMANCE APPRAISAL, MERIT PAY.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

salary

a form of PAY made to employees of an organization. A salary is similar to a WAGE payment in that it is paid for the use of LABOUR as a factor of production. In economic terms, a salary payment differs from a wage payment in two ways:
  1. it is not strictly related to the actual number of hours worked by the employee, whereas wage earners are usually paid on an hourly basis;
  2. salaries are usually paid monthly, whereas wages are paid weekly
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Practically speaking, non-exempt salaried employees must be required to keep track of all hours that they work and do not work--just like non-exempt hourly employees.
Once a salaried employee, he climbed few ranks, ascending neither into important managerial positions, nor into a partnership with the firm.
The ERP, while failing to increase real wages for salaried employees to the level of 1960s, helped create other avenues for such employees to earn money.
In the November 2012 decision, a salaried employee was terminated for poor performance and paid only through the last day of work--not for the entire pay period.
The relationship between civil servant and employer was not founded by signing a mutually binding contract - that would have been considered tantamount to reducing civil servants to the status of salaried employees, who were alleged to be interested foremost in the pecuniary rewards of their work.
John's claim involves two issues that will commonly arise when a salaried employee voluntarily leaves a company to take another job.
Inc., Glens Falls, New York, USA, will cut salaried employee pay by 15% at the end of April according to a report by The Albany Business Review.
Northwest Airlines Corporation (OTC: NWACQ.PK) has withdrawn a USD129m salaried employee unsecured claim from its reorganisation plan.
Chrysler Group, a United States-based automaker, is planning to freeze its salaried employee defined benefit pension plans, effective December 31, 2014.
Auto Business News-25 May 2009-Volvo Powertrain signs contract with salaried employee organisations(C)2009 ENPublishing - http://www.enpublishing.co.uk
The firm was launched four years ago and currently services small and medium sized businesses and other salaried employees across India.