Wages and salaries

A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis. Salary can also be considered as the cost of hiring and keeping human resources for corporate operations, and is hence referred to as personnel expense or salary expense. In accounting, salaries are recorded in payroll accounts.

A wage is the price of labor. Examples of wage payments include compensatory payments such as minimum wage, prevailing wage, and yearly bonuses, and remunerative payments such as prizes and tip payouts. Wages are part of the expenses that are involved in running a business. It is an obligation to the employee regardless of the profitability of the company.

Overtime is the amount of time someone works beyond normal working hours. The term is also used for the pay received for this time. Normal hours may be determined in several ways: by custom (what is considered healthy or reasonable by society), by practices of a given trade or profession, by legislation, by agreement between employers and workers or their representatives.

minimum income for worker to meet basic needs

thumb|right|An example of a payslip from the John Lewis Partnership, showing gross salary, tax and [[National Insurance paid and yearly bonus entitlement, among other things]] A paycheck, paycheque, or pay cheque is traditionally a paper document (cheque) issued by an employer to pay employees for services rendered. In recent times, the physical paycheck has been increasingly replaced by electronic direct deposits to the employee's designated bank account or loaded onto a payroll card. Employees may still receive a pay slip to detail the calculations of the final payment amount.

social class of working people whose incomes fall below a poverty line due to low-income jobs and low familial household income

type of tax

employment system where the worker is paid according to the number of units produced

specific amount of money that an organization gives an individual, typically an employee, per day to cover living expenses when travelling on the employer's business

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term in economics

usually made to employees in addition to their base salary as part of their wages or salary

agreement or rule that places a limit on the amount of money that a team can spend on players' salaries

statistic showing mean salary for the working population of a nation

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nominal salary used in situations where an executive wishes to work without direct compensation, but for legal reasons must receive a payment above zero, so as to distinguish them from a volunteer

legislation specifying a highest legal wage limit

unlawful withholding of employee pay by their employer

global feminist movement

lowest wage rate at which a worker would be willing to accept a particular type of job

economics concept

model of wage levels

unit of monetary compensation for employment

system that determines the wage of an employee