wage

Also known as wages, labour cost, labour costs, cost of labour, hourly wage, nominal wage, Rroga

A wage is the price of labor. Examples of wage payments include compensatory payments such as minimum wage, prevailing wage, and yearly bonuses, and remunerative payments such as prizes and tip payouts. Wages are part of the expenses that are involved in running a business. It is an obligation to the employee regardless of the profitability of the company.

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Commons category: Wages
native label: Rroga

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~8 min read

Article

12 sections

Contents

Definition
History
Determinants of wage rates
Wage differences
Effects
Corruption
Wages in the United States
Definitions
See also
References
Further reading
External links

Payment by wage contrasts with salaried work, in which the employer pays an arranged amount at steady intervals (such as a week or month) regardless of hours worked, with commission which conditions pay on individual performance, and with compensation based on the performance of the company as a whole. Waged employees may also receive tips or gratuity paid directly by clients and employee benefits which are non-monetary forms of compensation. Since wage labour is the predominant form of work, the term "wage" sometimes refers to all forms (or all monetary forms) of employee compensation.