pay

(redirected from payed)
Also found in: Dictionary, Thesaurus, Legal.

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 ?
As I've just seen a tweet from Ramsay to a hotel diner saying 'Please tell me you ladies payed', I'd say he had quite a lot of learning still to do himself.
He also payed tribute to the Kingdom's efforts in helping the agency carry out its missions.
He has payed the price for those tactics twice in his last five fights and Bellew should not have to wait too long for an opportunity to teach him some respect.
Truiden striker Reza 'Gucci' Ghoochannejhad have been invited, though Queiroz had payed a visit to both countries to observe the possible National Team candidates.
Our Assembly has also called for imprisoned members of the Palestinian Legislative Council to be released, and I hope that they are among those included in the exchange." The PACE President payed tribute to the Egyptian and Turkish authorities, who have played an important role in mediating the exchange.
The Dubai-based property developer on Sunday said it payed Dh5 billion to its trade creditors.
If you've already payed more than the reduced amount due, you'll be off the hook.
The US leader payed his respects to the victims of the 2008 Mumbai attacks while in India's financial centre.
In a country run on fear, this is a rare thing and in the end, Vichea payed the price for it."
Steven Davis 6 Payed well in patches and tried to set the tempo but passing not always good enough.
It happened after the Princess left the Ritz Hotel with her companion, Dodi Al Payed--son of Harrods owner, Mohammed Al Payed. Dodi Al Payed and the vehicle's driver were also killed in the collision in a tunnel under the Place de l'Alma.
The Palestinian Monetary Authority announced that the salaries cannot be payed because the Israel government blocks all financial transactions to banks in Gaza.Zakarneh commented, "We are appealing to the UN and EU to put pressure on Israel to allow the transaction, so that the salaries of 77,000 employees in Gaza can be paid.