What is a wage & salary?

Adam Smith, drawing by John Kay, 1790. wage and salary, income derived from human labour. Technically, wages and salaries cover all compensation made to employees for either physical or mental work, but they do not represent the income of the self-employed.

What is a salary?

Definition and meaning A Salary is a regular payment by an employer to an employee for employment that is expressed either monthly or annually but is paid most commonly every month, especially to white-collar workers, managers, directors, and professionals.

Are salary and wages the same?

The terms salary and wages are commonly interchangeable, and in many contexts, their meanings are the same – but not always. A salary does not change on a weekly or monthly basis. Salaries are calculated annually, divided by twelve, and paid out each month.