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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

References in periodicals archive ?

The company had lowered servers' de facto hourly wage from a range of $35-$45 to $20-$35.

Should restaurant tipping be abolished?

Most of the discussion has focused on the median and average hourly wage, but these measures are sensitive to changes in the mix of occupations.

Are wages flat or falling? Decomposing recent changes in the average wage provides an answer

Interestingly, the average hourly wage of Arab women is higher than that of Arab men, while their average monthly wage is lower (see figure on page 8).

PART 1: ASPECTS OF GENDER SALARY GAPS

The mean hourly wage for these workers was $9.88, below the sector average of $13.12 per hour.

Agriculture: occupational employment and wages

Following an increase in the middle of the previous decade, the hourly wage is now stable and the monthly wage shows an increase, which reflects a trend of women increasing the scope of their work.

WAGE GAPS BETWEEN WOMEN AND MEN REMAIN STABLE

* Hourly wage: $26.74 = $.446 x .5 = $2.23 per part hour.

Hiring the reference librarian: an examination of duty equivalents

Hourly wages went from EUR23.71 per hour to EUR25.33.

HOUR NICE LITTLE EARNER; Wages get 6 per cent hike

Upon completion of training, workers are expected to average hourly wages of between $10 and $17.72.

The Austin, Dallas and Upper Rio Grande areas of Texas will benefit from a $1,029,159 job-training grant administered by the Texas Workforce Commission

The company also announced it would abandon its piece-work pay system in favor of hourly wages and is selling some of its 4,400 acres in Newport and part of a dollar art collection housed at its Newport plant.

Newport: firearms maker Sturm, Ruger & Co. is offering voluntary buyout packages to senior employees, changing its pay structure and selling off some property in New Hampshire to help cut costs

* Real hourly wages for non-supervisory private sector workers rose 11.5 percent.

Scaremongering, Inc.: poor forecasts from the false prophets of gloom and doom

It contends that, since store managers determine the hourly wages of the employees they supervise, the accusations of gender discrimination should be dealt with on a store-by-store basis rather than on the national level.

Women against Wal-Mart

Median hourly wages, adjusted for inflation, have dropped 2 percent since 2003, and we've seen an immense shift of wealth from the poor and middle class to the very rich.