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.
Several countries have enacted a statutory minimum wage rate that sets a price floor for certain kinds of labor.
Etymology
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. Although states and cities can and sometimes do set a minimum wage, the Fair Labor Standards Act requires a minimum wage at 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 would be higher than current minimum wage laws require.
See also
- Compensation of employees
- Employee benefit (non-monetary compensation in exchange for labor)
- Employment
- Labour in Economics
- Labour power
- List of Average Wages per Country
- Performance-related pay
- Proletarian
- Wage labour
- Wage share
- Wage slavery
- Working class
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:
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