Wages refer to the monetary compensation an employer pays to an employee in exchange for their labor or services. It can be calculated on an hourly, weekly, monthly, or annual basis.
Related terms
Minimum Wage: Minimum wage is the lowest hourly rate that employers are legally required to pay their workers.
Living Wage: A living wage is the amount of income necessary for a worker to meet their basic needs such as food, shelter, and clothing.
Equal Pay Act: The Equal Pay Act is a federal law that prohibits pay discrimination based on gender by requiring equal pay for equal work performed by men and women in the same establishment.