Wages

Business, Legal & Accounting Glossary

Definition: Wages


Quick Summary of Wages


Payments made to employees for their services. Wages are classified as business expenses.



What is the dictionary definition of Wages?

Dictionary Definition


A wage is the remuneration paid to hourly-paid employees for work performed, and is typically based on the number of hours spent at the place of work.


Full Definition of Wages


An amount of money paid to a worker for a specified quantity of work, usually calculated on an hourly basis and expressed in an amount of money per hour.

This monetary remuneration may also be computed on an hourly, daily, weekly, or piece work basis. A fixed weekly or monthly wage is usually called a salary.

Wages are the compensation for services performed by a worker for their employer. In most cases wages also consists of other payments to the worker in addition to their salary. Workers who are injured in a personal injury case may be compensated for current and future lost wages.

Prior to settling with the insurance company most injured parties will want to consult with an injury lawyer to make sure they have a realistic figure for lost wage compensation. For instance, lost wage compensation may not only include actual wages it also could include commissions, promotions, cost of living adjustments, fringe benefits, bonuses and pension benefits.

If you are injured and cannot return to past employment calculations may also need to be made to compensate for the difference in pay between your old job and your new job, the length of time you will be at your lower-paying job and the amount of time you spent looking for a new job. As you can see, a lost wage calculation for an injury can be complicated and it is important to discuss the calculation with an experienced personal injury lawyer before settling an injury case.


Examples of Wages in a sentence


Given your considerable skill set and the significant value you’ve brought to the company, Human Resources has now decided that your demand for higher wages is perfectly reasonable and are willing to accept your request.
Apparently, it turns out that my employer deducted twenty pounds from my wages this week, because I was late last week. I’m not sure if that’s legal or not.
In the UK, Tax and national insurance are deducted from your wages automatically.
The law requires companies to pay liveable wages to their employees.
He spent his free time busking in the local park in order to supplement his meagre wages.
The corporate giants were accused to trying to drive down wages in order to make maximise profits.
Her wages were only four hundred pounds a week.
His wages has considerably increased over the past year.
Their wages were barely enough to pay the rent on their London property.


Synonyms For Wages


salary, remuneration, reward, compensation, wage

Cite Term


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Page URL
https://payrollheaven.com/define/wages/
Modern Language Association (MLA):
Wages. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. July 08, 2020 https://payrollheaven.com/define/wages/.
Chicago Manual of Style (CMS):
Wages. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/wages/ (accessed: July 08, 2020).
American Psychological Association (APA):
Wages. PayrollHeaven.com. Retrieved July 08, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/wages/

Definition Sources


Definitions for Wages are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 30th March, 2020 | 536 Views.