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 ?
Wages are also a source of tax revenue for governments.
It can be said that a historical step for ensuring statutory protection for minimum wage and timely payment of wage to 50 crore worker in the country has been taken through the Code on Wages besides promoting ease of living and ease of doing business.
Centi described the increase as a 'gift' to all minimum wage earners in Eastern Visayas, one of the poorest regions in the country.
Somehow, the nine other factors that the law said should be considered by the Regional Wage Boards are hardly discussed.
The wage boards were created under the Wage Rationalization Act enacted in 1989.
'It's puzzling that in high-income economies we see slow wage growth alongside a recovery in GDP growth and falling unemployment.
But wage inequality between men increased in the year to June, with their median hourly wage falling to 82.2 per cent of their average wage.
While those in agricultural jobs, the wage board added P13.50 to their daily pay bringing their wage rate to P295.
For the past four years, the minimum wage has been decided following tripartite negotiations involving members from the government, unions and employers.
Voters and liberal politicians in many states have made minimum wage increases a priority in recent years, a response in part to growing income inequality and stagnant wages across much of the income spectrum.
In Arab localities, 41% of employees earned less than the minimum wage in 2015, compared to 34% of employees in development towns and 24% in affluent localities.
The minimum wage is defined by the ILO as 'the minimum amount of remuneration that an employer is required to pay wage earners for work performed during a given period, which cannot be reduced by collective agreement or an individual contract' (ILO definition).