Wages
Wages are the monetary compensation paid by an employer to an employee for the work they do. Wages are typically paid on a regular basis, such as weekly, bi-weekly, or monthly. Wages are typically based on the number of hours worked, but can also be based on a salary or piece rate. Wages are typically subject to taxes and other deductions, such as Social Security and Medicare taxes.
History of Wages
The concept of wages has been around for centuries. In ancient times, wages were typically paid in the form of goods or services, such as food, clothing, or shelter. As the economy evolved, wages began to be paid in the form of money. The first wage laws were enacted in the late 19th century, and since then, wages have been regulated by governments around the world.
Comparison of Wages
| Country | Minimum Wage |
|---|---|
| United States | $7.25/hour |
| Canada | $10.45/hour |
| United Kingdom | £6.50/hour |
| Australia | $15.96/hour |
Summary
Wages are the monetary compensation paid by an employer to an employee for the work they do. Wages are typically paid on a regular basis, such as weekly, bi-weekly, or monthly. Wages are typically based on the number of hours worked, but can also be based on a salary or piece rate. Wages are typically subject to taxes and other deductions, such as Social Security and Medicare taxes. For more information about wages, visit the websites of the U.S. Department of Labor, the Canadian Ministry of Labour, the U.K. Department for Business, Innovation & Skills, and the Australian Fair Work Ombudsman.
See Also
- Salary
- Overtime
- Minimum Wage
- Living Wage
- Taxes
- Social Security
- Medicare
- Employment Law
- Labor Law
- Workers’ Rights
