Wage

A wage is a monetary compensation paid by an employer to an employee in exchange for work or services performed. It typically represents payment for labor done over a specific period, such as an hour, day, week, or month. Wages are a fundamental component of the economic relationship between employers and employees, determining income levels and contributing to overall financial stability. They are often subject to taxation and may be affected by factors like skill, experience, industry, and economic conditions. They usually imply a formal agreement and are often paid at regular intervals.

Wage meaning with examples

• The hourly wage for entry-level positions at the factory was set at $15.00 per hour, making it a competitive rate in the local market. This was a very competitive rate, therefore making this wage appealing to people looking for an income. The company offered opportunities for advancement and pay raises based on performance and experience, so many people applied.
• During the negotiations, the union representatives fought for a wage increase to keep pace with the rising cost of living. Their argument was simple, the wage currently available was not covering the increasing inflation so there needed to be a substantial increase in wages to avoid problems down the line for its members.
• Despite the challenging economic climate, the company was committed to maintaining a fair wage for its employees. It wanted its employees to be happy and not stressed by a fluctuating wage. Keeping them was also vital, so that they wouldn't seek out other employment opportunities during the ongoing recession.
• The minimum wage law was designed to protect low-skilled workers and ensure they received a sufficient wage to meet basic needs. It was a legislative act designed to help many people. This wage increase helped many. The overall objective was to ensure that people could afford the very basics of living.
• In order to attract highly skilled software engineers, the tech company offered a competitive wage and attractive benefits package. Skilled employees are vital. Attracting and retaining them is very difficult. So the best way to do that, is to offer the most competitive wage and benefits package.