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What is Wage
Wage is the term for a reward provided by organizations to the workers for the job.

Wage is the term for a reward provided by organizations to the workers for a work. The wage may take the form of monetary and non-monetary (in-kind wages) transactions.

Use of wage in practice: Wages are compensation for work done (for achieved job performance and behavior). Wages are usually paid to the fixed term or done performance (wage for a task or wage for a time). In some countries, the wage, unlike the salary, is paid in shorter intervals, usually weekly, and is more dependent on performance.

The term salary is also used for the reward for the work provided by the employer. In some countries, the difference between them is strictly defined by the legislation of the country or state, in some countries the difference between wage and salary is not clearly defined.

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Last update: 18.08.2016


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