Wage: Difference between revisions

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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.

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.

Etymology

Look up wage in Wiktionary, the free dictionary.

Wage derives from words which suggest "making a promise," often in monetary form. Specifically from the Old French word wagier or gagier meaning to pledge or promise, from which the money placed in a bet (wager) also derives. These in turn may derive from the French gage to wager, the Gothic wadi, or the Late Latin wadium, also meaning "a pledge".

Wages in the United States

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. 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.

External links

U.S. Bureau of Labor Statistics
Wealth of Nations - click Chapter 8
WorklifeWizard, American Wage Checker
Understanding Capitalism Part III: Wages and Labor Markets - Critical of capitalism
U.S. Department of Labor: Minimum Wage Laws - Different laws by State
Average U.S. farm and non-farm wage
CBsalary.com - Compensation information for jobs in the United States
Payraise Calculator - and online calculator for calculating your pay
LaborFair Resources - Link to Fair Labor Practices
The Truth Behind Wages in Mining - Link to An Article Abouth How Wages are measured and Current Standards for Mining Professionals
Database Central Europe - Data on average wages in Central Europe and in Emerging Markets

v t e Employment
Classifications	Academic tenure Casual Contingent work Full-time job Gig worker Job sharing Part-time job Self-employment Side job Skilled worker Journeyman Technician Independent contractor Labour hire Temporary work Laborer Wage labour
Hiring	Application Background check Business networking Cover letter Curriculum vitae Drug testing Employment contract Employment counsellor Executive search list Induction programme Job fair Job fraud Job hunting Job interview Letter of recommendation Onboarding Overqualification Person–environment fit Personality–job fit theory Personality hire Probation Recruitment Résumé Simultaneous recruiting of new graduates Underemployment Work-at-home scheme
Roles	Cooperative Employee Employer Internship Job Labour hire Permanent employment Supervisor Volunteering
Working class	Blue-collar Green-collar Grey-collar Pink-collar Precariat White-collar Red-collar New-collar No-collar Orange-collar Scarlet-collar Black-collar Gold-collar
Career and training	Apprenticeship Artisan Master craftsman Avocation Career assessment Career counseling Career development Coaching Creative class Education Continuing education E-learning Employability Further education Graduate school Induction training Knowledge worker Licensure Lifelong learning Overspecialization Practice-based professional learning Professional association Professional certification Professional development Professional school Reflective practice Retraining Vocational education Vocational school Vocational university Mentorship Occupational Outlook Handbook Practice firm Profession Operator Professional Tradesman Vocation
Attendance	Break Career break Furlough Gap year Leave of absence Long service leave No call, no show Sabbatical Sick leave Time clock
Schedules	35-hour workweek Four-day week Eight-hour day 996 working hour system Flextime On-call Overtime Remote work Retroactive overtime Six-hour day Shift work Working time Workweek and weekend
Wages and salaries	Income bracket Income tax Living wage Maximum wage National average salary World Europe Minimum wage Canada Hong Kong Europe United States Progressive wage Singapore Overtime rate Paid time off Performance-related pay Salary cap Wage compression Working poor
Benefits	Annual leave Casual Friday Child care Disability insurance Health insurance Life insurance Marriage leave Parental leave Pension Sick leave Take-home vehicle
Safety and health	Crunch Epilepsy and employment Human factors and ergonomics Karoshi List of countries by rate of fatal workplace accidents Occupational burnout Occupational disease Occupational exposure limit Occupational health psychology Occupational injury Occupational noise Occupational stress Personal protective equipment Repetitive strain injury Right to sit Sick building syndrome Work accident Occupational fatality Workers' compensation Workplace health promotion Workplace phobia Workplace wellness
Equal opportunity	Affirmative action Equal pay for equal work Gender pay gap Glass ceiling
Infractions	Corporate collapses and scandals Accounting scandals Control fraud Corporate behaviour Corporate crime Discrimination Exploitation of labour Dress code Employee handbook Employee monitoring Evaluation Labour law Sexual harassment Sleeping while on duty Wage theft Whistleblower Workplace bullying Workplace harassment Workplace incivility
Willingness	Boreout Careerism Civil conscription Conscription Critique of work Dead-end job Job satisfaction McJob Organizational commitment Refusal of work Slavery Bonded labour Human trafficking Labour camp Penal labour Peonage Truck wages Unfree labour Wage slavery Work ethic Work–life interface Downshifting Slow living Workaholic
Termination	At-will employment Dismissal Banishment room Constructive dismissal Wrongful dismissal Employee offboarding Exit interview Layoff Notice period Pink slip Resignation Letter of resignation Restructuring Retirement Mandatory retirement Retirement age Retirement planning Severance package Golden handshake Golden parachute Turnover
Unemployment	Barriers to entry Discouraged worker Economic depression Great Depression Long Depression Frictional unemployment Full employment Graduate unemployment Involuntary unemployment Jobless recovery Phillips curve Recession Great Recession Job losses caused by the Great Recession Lists of recessions Recession-proof job Reserve army of labour Structural unemployment Technological unemployment Types of unemployment Unemployment benefits Unemployment Convention, 1919 Unemployment extension List of countries by unemployment rate Employment rates Employment-to-population ratio Wage curve Youth unemployment
Public programs	Workfare Unemployment insurance Make-work job Job creation program Job creation index Job guarantee Employer of last resort Guaranteed minimum income Right to work Historical: U.S.A: Civil Works Administration Works Progress Administration Comprehensive Employment and Training Act
See also	Bullshit job Busy work Credentialism and educational inflation Emotional labor Evil corporation Going postal Kiss up kick down Labor rights Make-work job Narcissism in the workplace Post-work society Presenteeism Psychopathy in the workplace Sunday scaries Slow movement (culture) Toxic leader Toxic workplace Workhouse
See also templates Aspects of corporations Aspects of jobs Aspects of occupations Aspects of organizations Aspects of workplaces Corporate titles Organized labor

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

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 ==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|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]].{{Citation needed|date=August 2008}}
+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]].<ref>[http://student.education2020.com/activities/vocab.aspx?keystr=12316&order=03020305&stbl=2196464] - Education 2020 Homeschool console, Vocabulary Assignment, definition entry for "wage rate" (may require login to view)</ref>
-Several countries have enacted a [[Law|statutory]] [[minimum wage]] rate that sets a [[price floor]] for certain kinds of labor.
+Several countries have enacted a [[wage law|statutory]] [[minimum wage]] rate that sets a [[price floor]] for certain kinds of labor.
 ==Etymology==

Revision as of 18:08, 5 October 2010

Determinants of wage rates

Etymology

Wages in the United States

See also

External links