what is wages means
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Wage A wage is monetary compensation (or remuneration, personnel expenses, labor) paid by an employer to an employee in exchange for work done. Payment may be calculated as a fixed amount for each task completed (a task wage or piece rate), or at an hourly or daily rate, or based on an easily measured quantity of work done.
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Overpayment of wages: when and how can employers recover? Wages are defined in section 27(1) of the Act as any sums payable to the worker in connection with their employment including any fee, bonus, commission, holiday pay or other emolument referable to the worker's employment, whether payable under their contract or otherwise.mployers should note that this route should not be used to make variations in salary as part of a cost savings exercise. Any unilateral variation in salary by an employer is likely to result in claims for unlawful deductions and/or constructive unfair dismissal.
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Difference Between Salary and Wages Following are the major differences between salary and wages: 1  Salary is the fixed amount of compensation which is paid for the performance of an employee. 2  Wage is the variable amount of compensation which is paid on the basis of hours spent in finishing the certain amount of work.alary is a fixed amount paid to the employees at regular intervals for their performance and productivity whereas wages are the hourly-based payment given to the labor for the amount of work finished in a day. To further enhance the understanding below is the basic difference between salary and wages:
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- Best Answer: Salary can mean monthly or annual pay. It also means that you are paid a set amount, for example $50,000 a year, to work regardless of how many hours you work a week. Source(s): Ashley · 1 decade ago.
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- 1 : living wage. 2 : the lowest wage paid or permitted to be paid; specifically : a wage fixed by legal authority or by contract as the least that may be paid either to employed persons generally or to a particular category of employed persons.
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salary Definition of salary for English Language Learners. : an amount of money that an employee is paid each year.
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ECONOMIC ASPECTS OF SUSTAINABLE DEVELOPMENT IN SOUTH AFRICA Such raw average wages are the average amounts of net compensation (as distinct from total employee compensation) listed in the table below. An average is just one measure of central tendency for any set of data. Another measure is a median. For our wage data, the median wage (or net compensation) is the wage in the middle. That is, half of the workers earned below this level. The table below shows that the median wage is substantially less than the average wage.
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Difference Between Salary and Wages 1 Whereas wages are paid on daily basis for the number of hours spent. 2  Salary is paid on the basis of the performance of an individual. 3  Whereas wages are paid on hourly basis i.e. the amount of work done in hours. 4  Salary is paid to employees who possess the skills and efficiencies in completing the office work.
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wage (wāj) n. 1. A regular payment, usually on an hourly, daily, or weekly basis, made by an employer to an employee, especially for manual or unskilled work. 2. wages The price of labor in an economy. 3. often wages(used with a sing. or pl. verb) A fitting return; a recompense: the wages of sin.
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Compensation: Outline and Definitions Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction. Compensation is a tool used by management for a variety of purposes to further the existance of the company. Compensation may be adjusted according the the business needs, goals, and available resources. Recruitment and retention of qualified employees is a common goal shared by many employers.
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What is the difference between a salary and a wage? A Wage is, as mentioned, an amount paid per hour. A salary is a fixed amount of pay per week or month (usually paid semi-monthly). A yearly pay is known as an annual amount or annual pay. Minimum wage as of July 15, 2009, is $7.25 per hour.Salary is paid notwithstanding the amount of hours to usually Management employees. wage is better because you get paid for how many hours you work, while, with a salary, you get a set amount of payment. An example of a job that gets a salary is a teacher.
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Salary Salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed.alary is also affected by the number of people available to perform the specific job in the employer's employment locale.
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wage (wāj) n. 1. A regular payment, usually on an hourly, daily, or weekly basis, made by an employer to an employee, especially for manual or unskilled work. 2. wages The price of labor in an economy. 3. often wages (used with a sing. or pl. verb) A fitting return; a recompense: the wages of sin.
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26 U.S. Code Â§ 3401 - Definitions (a) WagesFor purposes of this chapter, the term “wages” means all remuneration (other than fees paid to a public official) for services performed by an employee for his employer, including the cash value of all remuneration (including benefits) paid in any medium other than cash; except that such term shall not include remuneration paid—.
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Wage A wage is monetary compensation (or remuneration, personnel expenses, labor) paid by an employer to an employee in exchange for work done. Payment may be calculated as a fixed amount for each task completed (a task wage or piece rate), or at an hourly or daily rate, or based on an easily measured quantity of work done.eventy-five million workers earned hourly wages in the United States in 2012, making up 59% of employees. In the United States, wages for most workers are set by market forces, or else by collective bargaining, where a labor union negotiates on the workers' behalf.
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The Importance of Dental Hygiene Severe gum inflammation that spreads to the bones and ligaments that support teeth is called periodontitis and can lead to tooth loss. Lack of good oral hygiene increases the risk of gingivitis. Smoking, diabetes, pregnancy, genetic factors, and certain medications also increase the risk of gum disease.
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What is the difference between a salary and a wage? A wage is better because you get paid for how many hours you work, while, with a salary, you get a set amount of payment. An example of a job that gets a salary is a teacher. It doesn't matter how much homework they grade over weekends and vacations, they get the same amount of money. What a Salary looks like: $45,000 per year.
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- wage. n. 1. A regular payment, usually on an hourly, daily, or weekly basis, made by an employer to an employee, especially for manual or unskilled work. 2. wages The price of labor in an economy. 3. often wages (used with a sing. or pl. verb) A fitting return; a recompense: the wages of sin.
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What Are Wages? Payments are considered wages even if the employee. is a casual worker, a day or contract laborer, a part-time. or temporary worker, or is paid by the job, day, hour, piece rate, salary, or any other method or measurement. Supplemental payments, including bonuses, overtime.
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- Full Definition of PAY. 1. : something paid for a purpose and especially as a salary or wage: remuneration. 2. a: the act or fact of paying or being paid b: the status of being paid by an employer: employ. 3.ay, compensate, remunerate, satisfy, reimburse, indemnify, repay, recompense mean to give money or its equivalent in return for something.
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Definitions &Translations salary(Noun) A fixed amount of money paid to a worker, usually measured on a monthly or annual basis, not hourly, as wages. Implies a degree of professionalism and/or autonomy. salary(Verb) To pay on the basis of a period of a week or longer, especially to convert from another form of compensation.
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Definition of Wages: Definition of Wages: Wages are remuneration paid to labor in return for the services rendered. Benham has defined the term wages in a restricted sense. According to him, a wage may be defined as a sum of money paid under contract by an employer to a worker in exchange for service rendered.
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What Is Payroll? â Definition and Components A wage is what you pay an employee based on the hours worked. You will set a specific rate of pay for each hourly employee. To calculate an employee’s total wages, you will multiply the rate of pay by the number of hours the employee works. For example, you pay an employee $12 per hour.
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What is Wages Payable? Wages Payable. Wages payable is a current liability account that records the amount of wages that are owed to employees for work that was performed by the employees in prior periods. In other words, wages payable is the amount of wages that employee hasn't paid the employees for their work.
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What is the difference between a salary and a wage? Salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed.alary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed.
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basic wage Definition of basic wage. 1 : a wage or salary based on the cost of living and used as a standard for calculating rates of pay. 2 : a rate of pay for a standard work period exclusive of such additional payments as bonuses and overtime.