A wage is a compensation, usually financial, received by workers in exchange for their labor.

Compensation in terms of wages is given to workers and compensation in terms of salary is given to employees. Compensation is a monetary benefit given to employees in return for the services provided by them.

Contents

• 1 Determinants of wage rates
• 2 Wages in the United States
• 3 See also
• 4 References
• 5 External links

Determinants of wage rates

Depending on the structure and traditions of different economies around the world, wage rates are either the product of market forces (supply and demand), as is common in the United States, or wage rates may be influenced by other factors such as tradition, social structure and seniority, as in Japan.

Several countries have enacted a statutory minimum wage rate that sets a price floor for certain kinds of labor.

Noun

wage (plural wages)

1. An amount of money paid to a worker for a specified quantity of work, usually expressed on an hourly basis.

Synonyms

• earnings, pay, salary

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• 401k and Retirement (35)
• Compensation (60)
• Health and Welfare Plans (41)
• Software@ (39)

See also:

• Business: Human Resources: Employee Relations: Motivation and Rewards (30)
• Business: Investing: Retirement Planning (94)

• Watson Wyatt Worldwide
  watsonwyatt.com
  A global human capital consulting firm, Watson Wyatt brings together two disciplines - people and financial management - to help clients improve business performance.
• Employee Benefit Research Institute
  ebri.org
  Organization committed to original public policy research and education on economic security and employee benefits. Site contains press releases and information about current research and study projects.
• Beneflex
  beneflexinc.com
  Administers flexible spending accounts. Company background, definitions and brochures.