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Encyclopedia > Wage rate

A wage is the amount of money paid for some specified quantity of labour. When expressed with respect to time (usually per hour), it is typically called the wage rate, and is specified in pre-tax amounts. It is often the main monetary item upon which the worker and the employer focus when negotiating an employment contract.


Early forms of wages included salt (from which the word salary is derived). In modern English, the word salary tends to be used when referring to employment in which the employee is not paid by the hour.


Depending on the structure and traditions of different economies around the world, wage rates are either primarily market-driven (the USA) or influenced by other factors such as tradition, social structure and seniority, as in Japan.


In the United States, as of 2004, the prevailing wage rate for manual labour might range from $10 up to $70 per-hour, depending on the type of work and its location.


Several countries have enacted a statutory minimum wage rate in an attempt to prevent the supposed exploitation of low-paid workers.


See also


  Results from FactBites:
 
Wage - Wikipedia, the free encyclopedia (354 words)
Depending on the structure and traditions of different economies around the world, wage rates are either primarily market-driven (the USA) or influenced by other factors such as tradition, social structure and seniority, as in Japan.
Several countries have enacted a statutory minimum wage rate in an attempt to prevent the (some say supposed) exploitation of low-paid workers.
In the United States, wages for most workers are set by market forces, or else by collective bargaining, where a labor union negotiates on workers' behalf.
DOL WHD: Minimum Wage Laws in the States (1998 words)
The Delaware minimum wage is automatically replaced with the Federal minimum wage rate if it is higher than the State minimum.
The 7th day overtime law, which is separate from the minimum wage law differs in coverage from that in the minimum wage law and requires premium pay on the seventh day for those employees who work seven days in any one workweek.
Under the state minimum wage law, premium pay is required after 48 hours in bowling alleys and for residential employees of institutions (other than a hospital) primarily engaged in the care of the sick, aged, or mentally ill.
  More results at FactBites »

 
 

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