What are wages based on?

Wages are the monetary compensation an employee receives for their work. An employer pays their employee wages based on their agreed-upon rate and the total time the employee has worked. Wages are the hourly, weekly, or monthly amount an employee is paid. Wages are calculated by how many hours the employee worked during a pay period.

What is the difference between a salary and a wage?

Wages are the hourly, weekly, or monthly amount an employee is paid. Wages are calculated by how many hours the employee worked during a pay period. Wage employees usually clock in and are eligible for overtime compensation. By contrast, salary is the fixed annual amount of compensation an employee receives.

What is an example of a wage?

There are several examples of wages, including: Hourly wage. The amount employees receive based on the number of hours they work. Employers commonly pay hourly wages to part-time employees. Minimum wage. The lowest legal amount of money employees can receive for an hour of work, as determined by local employment law. Living wage.