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 ?
Eleven percent of respondents in the survey admitted they had to borrow from a lender, relatives or friends to pay off their debts after the vacation.
If you pay off a $10,000 personal loan at 10% interest over five years, you'd pay $2,748 in interest over the life of the loan.
The passenger was denied entry for failing to pay off the fine of NT$200,000 and opted to return home later the day, according to the Bureau of Animal and Plant Health Inspection Quarantine (BAPHIQ).
"While there are certainly psychological benefits related to being mortgage-free, financially, it is one of the last places I would direct a client to pay off early," says certified financial planner Michael Ciccone of Summit, New Jersey.
Once you have a rainy day fund for any problems, you can start using spare income to pay off your mortgage.
"In as little as two months, gold valued at US$2.2 billion were collected and delivered which served as a rallying point for the nation to pay off the entire loan in 2001," he said.
Borrowers who can pay off their debt in a short period of time, regardless of the effort it took to do so, become able to contribute to the economy and their personal goals much sooner than those who struggle with their student loan payments.
By paying off the smallest debt first, you create momentum and motivation to pay off the rest of your debt.
At the same time, in four cities among the top 15, it takes 17 to19 years to pay off median home values based on yearly rents.
Last year, Archbishop Chrysostomos said the church had been planning to sell land to pay off some e1/4100m in debt to the banks.
The charity said "time is running out" for an estimated 934,000 homeowners after research found they had made no arrangements to pay off their debt when their mortgage term ends.
What if it is not possible to pay off the arrears or come to an agreement with the mortgage lender?