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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 ?
Yet out of this figure just half a million used the pay-roll giving scheme which is the most beneficial for the charities.
The law established that compensation for the nationalised companies should be determined by book value of assets after deducting pay-roll costs, and was to be payable in cash or state debt instruments.
"I had to make comments about a player on the Rangers pay-roll who is managed by myself.
More than three million people nationwide have agreed to give money through pay-roll.
In the laws, of which the new employment measures will be made part, mechanisms for protection against manipulations will be incorporated to keep employers from laying off their employees and hiring new ones for whom they will be exempt from paying pay-roll contributions, Prime Minister Nikola Gruevski said Thursday answering a legislator's question.
THE transfer merry-go-round continues to revolve at the Dev a Stadium, with more players looking set to leave Chester City and another about to join the pay-roll.
Further charges concern the employment of a management consultant - who according to new NHS rules should have been placed on the pay-roll.
"During a period of strike, when new demands are set, under Article 54, paragraph 2 of the collective agreement, employers are obliged to pay only pay-roll contributions to striking teachers.
I pointed out that although he was taking a cut in wages, Leeds were bribing him with pounds 1million to get off their pay-roll, and he was taking the easy way out.
The good news for many is that they will not actually be around to sample the supposed indignity of the InterToto if justice is done and new manager David Moyes can shift them off the pay-roll.
The project makes it possible for employers who take on people younger than 29 to be exempt from paying pay-roll contributions, which is 27 percent of the gross salary.
That makes him far easier to shift from the Anfield pay-roll - the only reason, surely, for the continued pantomime of the Pole appearing on the subs' bench every game.