Wage


Wage

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

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.[1]

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

Wages in the United States

Historical graph of real wages in the US from 1964 to 2004.

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. The Fair Labor Standards Act establishes a minimum wage at the federal level that all states must abide by, among other provisions. Fourteen states and a number of cities have set their own minimum wage rates that are higher than the federal level. For certain federal or state government contacts, employers must pay the so-called prevailing wage as determined according to the Davis-Bacon Act or its state equivalent. Activists have undertaken to promote the idea of a living wage rate which account for living expenses and other basic necessities, setting the living wage rate much higher than current minimum wage laws require.

See also

Political science:

References

  1. ^ [1] - Education 2020 Homeschool console, Vocabulary Assignment, definition entry for "wage rate" (may require login to view)

External links


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  • Wage [1] — Wage, Gerät zur Gewichtsbestimmung, die auf einer Vergleichung von Gewichten beruht (s. Gewicht, Gewichte, Gewichtsstücke). Man benutzt hierzu Hebelanordnungen (Hebelwagen) oder Federn (Federwagen). – Außerdem werden Wagen zum Messen von… …   Lexikon der gesamten Technik

  • wage — [weɪdʒ] noun [countable] also wages HUMAN RESOURCES money that someone earns according to the number of hours, days, or weeks that they work, especially money that is paid each week: • The average hourly wage in the industry is $8. • Workers were …   Financial and business terms

  • Wage — Wage, n. [OF. wage, gage, guarantee, engagement. See {Wage}, v. t. ] [1913 Webster] 1. That which is staked or ventured; that for which one incurs risk or danger; prize; gage. [Obs.] That warlike wage. Spenser. [1913 Webster] 2. That for which… …   The Collaborative International Dictionary of English

  • Wage — Wage, v. t. [imp. & p. p. {Waged}; p. pr. & vb. n. {Waging}.] [OE. wagen, OF. wagier, gagier, to pledge, promise, F. gager to wager, lay, bet, fr. LL. wadium a pledge; of Teutonic origin; cf. Goth. wadi a pledge, gawadj[=o]n to pledge, akin to E …   The Collaborative International Dictionary of English

  • wage — n 1: a payment usu. of money for labor or services usu. according to a contract and on an hourly, daily, or piecework basis often used in pl. 2 pl: the share of the national product attributable to labor as a factor in production Merriam… …   Law dictionary

  • wage — wage, wages Wages is normally used in the plural (Their wages are still too low); an older singular construction survives only in the biblical line For the wages of sinne is death (Romans 6:23). But wage is also used (What sort of wage are you… …   Modern English usage

  • WAGE — can refer to: * Wage, a compensation workers receive in exchange for their labor * WAGE (AM), a radio station located in Leesburg, Virginia, United States * Wide Area GPS Enhancement …   Wikipedia

  • wage — wage; wage·less; wage·less·ness; …   English syllables

  • wage — [wāj] vt. waged, waging [ME wagen < NormFr wagier (OFr gagier) < wage (OFr gage), a stake, pledge < Frank * wadi, akin to Goth wadi, a pledge: for IE base see WED] 1. to engage in or carry on (a war, struggle, campaign, etc.) 2. [Dial.,… …   English World dictionary

  • Wage — Wage, v. i. To bind one s self; to engage. [Obs.] [1913 Webster] …   The Collaborative International Dictionary of English

  • Wage [2] — Wage. C. Schenck in Darmstadt hat die Zahl der Schwingungen untersucht, die der Wagebalken ausführt, bevor er zur Ruhe kommt. Diese Zahl hängt von dem Trägheitsradius, dieser wieder von der Gestalt des Wagebalkens ab. Schenck findet, daß bei… …   Lexikon der gesamten Technik


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