Minimum wages can be set by statute, decision of a competent authority, a wage board, a wage council, or by industrial or labour courts or trib unals. See pay, payment by time, payment by results, work study. In a competitive labour market, the wage rate is determined by the demand for, and supply of, labour. Wage definition, money that is paid or received for work or services, as by the hour, day, or week. Wage and payments book article about wage and payments book. A fixed weekly or monthly wage is usually called a salary. In economics, the price paid to labour for its contribution to the process of production is called wages. If you employ staff, you will need to keep a record of how much you pay each of them and the deductions made from their wages. Payment for work based on hours worked or sometimes per day or per amount of work done.
It is often taken as the average wage, but is frequently an over or underestimation due. Use our dictionary to check the spelling definitions of words. The subsistence theory of wages, advanced by david ricardo and other classical economists, was based on the. Wage financial definition of wage financial dictionary. Paybook definition is an individual pay record of a member of the armed forces. If there is no labour to work, all other factors, be it land or capital, will remain idle. But the book of job is the book that deals principally with the issue of wages or rewards. Wages slip definition and meaning collins english dictionary. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. Wage an amount of money paid each hour to compensate an employee for the amount of time heshe spends working. The new mayor has vowed to wage a battle against drug addiction in. Satans accusation against job is that he serves god for a good wage 1. For 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.
Wage is listed in the worlds largest and most authoritative dictionary database of abbreviations and acronyms. Wage and payments book article about wage and payments. Mean wage definition the mean wage is calculated by taking the sum of all wages in a data set and dividing by the number of wages in the data set. In some countries such as the us the minimum wage is set by a statute while in others such as the uk it is set by the wage council of each industry.
From longman dictionary of contemporary english related topics. Wage and payments book encyclopedia the free dictionary. An amount of money paid each hour to compensate an employee for the amount of time heshe spends working. Wage noun definition and synonyms macmillan dictionary. In proportion therefore, as the repulsiveness of the work increases, the wage decreases. Wage and payments books are issued to all industrial workers, as well as to office workers who are paid on a piecework basis, five days after they are hired. Wages are paid for both skilled and unskilled labor. It is because job has been so richly blessed that he serves god, says satan. Definition and synonyms of wage from the online english dictionary from macmillan education this is the british english pronunciation of wage view american english pronunciation of wage. Employers are required by law to deduct from wages, commonly termed withhold, income taxes, social contributions and for other purposes. Cost of using labor as opposed to cost of using capital or land. Normally, an employer is not permitted to withhold the wages or any part thereof, except as permitted or required by law.
Wage and salary are often discussed in loose sense, as they are used interchangeably. A wage is monetary compensation or remuneration, personnel expenses, labor paid by an employer to an employee in exchange for work done. Definition of wage, waged, and wages from the king james bible dictionary. We use cookies to enhance your experience on our website, including to provide targeted advertising and track usage. Wages definition, money that is paid or received for work or services, as by the hour, day, or week. Wages include all cash payments made to employees for services rendered, including salaries, commissions, vacation allowances, fees, bonuses, back pay and many fringe benefits. Definition and synonyms of wage from the online english dictionary from macmillan education. Wages and salaries are the remuneration paid or payable to employees for work performed on behalf of an employer or services provided. Wages are always paid based on a certain amount of time.
Definition noun something that remunerates synonyms. You can translate the dictionary words into your native language. Wage rate, waze wage economics the portion of the national income accruing to labour as earned income, as contrasted with the unearned income accruing to capital in the form of rent, interest, and dividends. You must there are over 200,000 words in our free online dictionary, but. Monetary remuneration computed on hourly, daily, weekly, or piece work basis. You must there are over 200,000 words in our free online dictionary, but you are looking for one thats only in the merriamwebster unabridged dictionary. If youre not happy with your wage, you might have to wage war on your boss. The minimum wage is a legally mandated price floor on hourly wages, below which non. As a price of labor, it is subject to the forces of demand and supply in the labor market, which in turn is affected by productivity levels and ability of the employers to substitute labor with other factors of production such as machinery. Definition of wage by lexico oxford english dictionary. Wage theory, portion of economic theory that attempts to explain the determination of the payment of labour.
If your job pays a good wage, it means that you earn a lot of money for the hard work you do. But tanzanian labour organization ilo defends the term wage as the remuneration paid by employer for the services of hourly, daily, weekly and fortnightly employees. It also means that remuneration paid to production and maintenance or blue collar. The thing that mcdonalds courperation gives to mcdonalds emplyees. Wage theory legal definition of wage theory legal dictionary. A wage is compensation paid to employees for work for a company during a period of time. Wage and payments book in the ussr, a standard document in which are listed the main provisions of a labor contract, such as place of work, duties, and salary or wages, and also calculations related to pay all types of payments and deductions.
S2 w2 noun 1 singular also wages plural bew money you earn that is paid according to the number of hours, days, or weeks that you work salary he earns a good wage. 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 wage labour, or based on an easily measured quantity of work done. The form in which payment is made, when it is made, or on what measurement of production it is based does not determine what comprises an. Wage definition is a payment usually of money for labor or services usually according to contract and on an hourly, daily, or piecework basis often used in plural. Earnings of women and men by race and ethnicity, 2007accessed june 29, 2012. Some states also provide for a state established minimum wage for a. Education 2020 homeschool console, vocabulary assignment, definition entry for wage rate may require login to view u. Wage definition in the cambridge english dictionary. Del longman dictionary of contemporary english temas relacionados. The minimum wage is a legally mandated price floor on hourly wages. Wage definition and meaning collins english dictionary. Definition of wage written for english language learners from the merriamwebster learners dictionary with audio pronunciations, usage examples, and. Global wage growth lowest since 2008 ilo wage inequality between women reduced in the year to june, and was now back to levels it was at in the mid2000s.
The great strength of the efficiency wage theory is that it provides one conceivable explanation for why, even under perfectly flexible wages, people may be unemployed even though they would prefer to do the jobs of the current jobholders at less than the prevailing wage. Wage is money paid to a worker for work performed, or the price you pay for doing something wrong or unwise. In addition to requiring that the remuneration must be for services performed by an employee for his employer, the definition goes on. A regular payment, usually on an hourly, daily, or weekly basis, made by an employer to an employee, especially for manual or unskilled work. Definition of wage written for english language learners from the merriam webster learners dictionary with audio pronunciations, usage examples, and. These are all words for money that a person earns or receives for their work. The minimum wage is the lowest wage that an employer is allowed to pay an employee. This definition refers to the binding nature of minimum wages, regardless of the method of fixing them. A minimum wage is the lowest wage per hour that a worker may be paid, as mandated by federal law. Labour costs are not identical to wage and salary costs, because total labour costs may include such items as cafeterias or meeting rooms maintained for the convenience.
Wage is listed in the worlds largest and most authoritative dictionary database of abbreviations and acronyms the free dictionary. Wage dictionary definition wage defined yourdictionary. Lowest hourly rate an employer can pay an employee. But an important message of the book is that lord himself is the believers reward. Change your default dictionary to american english. Definition of wage against in the idioms dictionary. Wage definition for englishlanguage learners from merriam. The federally established lowest hourly wage that can be paid to laborers engaged in interstate commerce. Wage rate definition of wage rate by merriamwebster. No sooner is the exploitation of the labourer by the manufacturer,so far, at an end, that he receives his wages in cash, than he is set upon by the other portions of the bourgeoisie, the landlord,the shopkeeper, the pawnbroker, etc. Looking for online definition of wage or what wage stands for.