Wages
Wages
Wages (/ˈweɪdʒɪz/) are a form of compensation paid by an employer to an employee in exchange for work performed.
Etymology
The term 'wage' comes from the Old English 'wage', which means 'pledge'. It was first used in the 14th century to refer to a pledge or guarantee given by a worker to his employer in return for payment.
Definition
In the context of employment, wages are the monetary compensation an employee receives from their employer for the work they perform. Wages are typically paid on a regular basis, such as hourly, daily, weekly, or monthly. They are a key component of the employment contract and are subject to regulations and laws, such as the minimum wage and overtime pay.
Related Terms
- Salary: A fixed regular payment, typically paid monthly or biweekly but often expressed as an annual sum, made by an employer to an employee.
- Remuneration: The total compensation that an employee receives in exchange for the service they perform for their employer.
- Payroll: The list of employees of some company that is entitled to receive pay and the amounts that each should receive.
- Income: Money that an individual or business receives in exchange for providing a good or service or through investing capital.
See Also
External links
- Medical encyclopedia article on Wages
- Wikipedia's article - Wages
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