pay

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Payment

The reception of compensation for a good or service. For example, if one sells a hairdryer for $10, the payment is $10. In a cash sale, payment is made immediately or almost immediately, while in a credit sale, payment may be delayed for a certain period of time.

pay

the money paid to an employee for performing specified work tasks or JOBS. Payment to employees for the labour they provide takes two main forms:
  1. PAYMENT BY TIME, principally weekly WAGES and OVERTIME, together with monthly SALARIES;
  2. PAYMENT BY RESULTS, principally PIECEWORK, INCENTIVE BONUSES, GROUP INCENTIVE BONUSES.

The main distinction between the two is that ‘payment by time’ systems remunerate workers for the amount of labour supplied (i.e. the input of labour) per time period (hourly, weekly etc.) irrespective of the amount of output produced; whereas ‘payment by results’ systems remunerate workers specifically for the amount or value of the output produced in a given time period. ‘Payment by results’ is favoured by many firms because it is thought to provide a strong financial incentive for workers to strive to maximize their output rather than work at a more leisurely pace, but the firm may be required to install appropriate INSPECTION systems to ensure that extra output has not been achieved at the expense of product quality and reliability.

Pay rates are determined by a number of factors including the forces of supply and demand for particular types of job in the LABOUR MARKET, the bargaining power of TRADE UNIONS (see COLLECTIVE BARGAINING) and the general economic climate (see, for example, PRICES AND INCOMES POLICY). In addition to receipt of money employees may receive various other work-related benefits such as free or subsidized meals, travel allowances, a company car, etc. (see FRINGE BENEFITS). See ATTENDANCE BONUS, MERIT PAY, COMMISSION, FEE, PERFORMANCE-RELATED PAY, CAFETERIA BENEFITS, COMPARABILITY, INCREMENTAL PAY SCALE, WORK MEASUREMENT, PROFIT-RELATED PAY, EMPLOYEE SHARE OWNERSHIP PLAN, PAY DIFFERENTIALS, LOW PAY, GAINSHARING, EXECUTIVE SHARE OPTION SCHEME, LONG-TERM INCENTIVE PLAN, SHARE INCENTIVE PLAN, MINIMUM WAGE RATE, FINANCIAL PARTICIPATION.

pay

the money paid to an employee for performing specified work tasks or jobs. Payment to employees for the labour they provide takes two main forms:
  1. payment by time, principally weekly WAGES and OVERTIME, together with monthly SALARIES.
  2. payment by results, principally PIECEWORK payments, bonuses (see BONUS SCHEME), PROFIT-RELATED PAY and COMMISSIONS.

The main distinction between the two is that ‘payment by time’ systems remunerate workers for the amount of labour supplied (i.e. the input of labour) per time period (hourly, weekly, etc.), irrespective of the amount of output produced, whereas ‘payment by results’ systems remunerate workers specifically for the amount or value of the output produced in a given time period. ‘Payment by results’ is favoured by many firms because it is thought to provide a strong financial incentive for workers to strive to maximize their output rather than work at a more leisurely pace, but the firm may be required to install appropriate inspection systems to ensure that extra output has not been achieved at the expense of product quality and reliability.

Pay rates are determined by a number of factors, including the forces of supply and demand for particular types of job in the LABOUR MARKET (see WAGE RATE), the bargaining power of TRADE UNIONS (see COLLECTIVE BARGAINING) and the general economic climate (see, for example, PRICES AND INCOMES POLICY).

In addition to receipt of money, employees may receive various other work-related benefits such as free or subsidized meals, travel allowances, a company car, etc. See FRINGE BENEFITS, DEFERRED COMPENSATION. See EMPLOYEE SHARE OWNERSHIP, PROFIT SHARING.

References in periodicals archive ?
The performance guarantee is indicative of what we are not able to pay back and they call for the federal government guarantee, we call for their own performance guarantee.
The businessman said he had paid back a part of the loan amount to the bank, but because of some financial difficulties resulting from his businesses making losses, he was unable to pay back the rest.
Referring to news reports in a section of media on Friday wherein it is stated that Pakistan had to pay back $6 billion in the next six months, the spokesman clarified that total payments against external public debt during fiscal year 2017-18 were US$ 6 billion out of which US$ 2.4 billion had already been paid.
Now, at a confiscation hearing at Birmingham Crown Court, Anderson, of Forshaw Heath Lane, Earlswood, has been ordered to pay back PS150,000 or face 18 months in prison.
FOUR West Midlands businessmen who were convicted of running a PS60,000 tobacco counterfeiting plant and money laundering operation have been ordered to pay back PS170,000 of their criminal profits or face time behind bars.
ABENEFITS cheat pensioner has been ordered to pay back the proceeds of a 10-year fraud - but his PS12-a-week payments mean that clearing the debt would take more than 100 years.
A worker stabbed his cousin to death because the victim failed to pay back Dhs400 he owed him.
The original cost of each school was PS21million, meaning the council will pay back up to four times that over the term of the deal, which includes huge costs for maintenance.
"Today, there is no proof for or against Vijay Mallya asking him to pay back any money.
He said he borrowed e1/460,000 and agreed to pay back the money within two months, paying an additional e1/430,000 as interest.
A BLACKMAIL gang who terrorised businesses across Tyneside has been ordered to pay back more than PS1m.
He was ordered to pay back his ill-gotten gains or face being sent to jail following an investigation by a specialist police squad.