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 ?
Columns (2) and (4) indicate, however, that there is also a positive partial correlation between the coverage-adjusted minimum wage level and the mean teen or young-adult wage level.
These columns report the average coverage-adjusted relative minimum wage variable separately for states with minimum wage levels exceeding the federal level and states in which the federal minimum wage level is binding.
Both the bonus and minimum wage levels will apply to Hawaii-based employees as well as employees in American Samoa, Guam, Saipan and Palau.
With the increase, BOH will have a minimum wage level that is in accordance with the state's 'living wage,' which is nearly USD30,000 annually for single individuals.
The regression results confirm that the effect of union membership has fallen over the period 2004/05-2011-12 on wage level in unionized enterprises in all occupations.
"We value the work of all of our staff enormously and the living wage level is important for living standards, particularly in the context of the continued pressure on the cost of living."
The micro data from the Households Labor Surveys of 2013 gives approximately the following distribution: One-quarter of wage earners are at or close to minimum wage level. Informal wage earners receiving below minimum wage constitute approximately 10 percent of salaried workers, while those earning more than twice the minimum almost 30 percent.
More than 5million workers are toiling below the living wage level - the minimum considered necessary for a decent standard of life.
Bringing the taxpayer-funded contribution up to minimum wage level would increase take-up to around 70%, the think-tank estimates, at a cost to the Treasury of around PS150 million in 2015/16.
Deputy Labor Minister Ahmad Al-Humaidan said the ministry is disappointed with the wage level of Saudi workers in the private sector.
The increased demand leads to more employment and higher wage level. Low skilled workers move to the low quality service sector and the wage level decreases.
Speaking in an interview to the Gulf News, Ambassador Lokesh said that the previous minimum wage level, fixed several years ago, ranged from Dh600 to Dh1,000.