TIME WAGE Meaning and
Definition
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Time wage refers to a remuneration system in which an employee's compensation is determined by the number of hours they work. It is a traditional form of wage payment that originated in the industrial revolution and continues to be widely practiced in various industries and jobs globally. In a time wage system, an employee typically receives a fixed hourly rate for the time they spend on the job, regardless of the output or productivity they achieve during that period.
This method of payment ensures that workers are paid according to the time they contribute to their employer's business operations. The rate of pay may vary based on factors such as job position, industry standards, or the skills possessed by the employee. The concept assumes that an individual's worth is primarily tied to the duration they spend engaged in work-related activities.
Time wage offers stability in terms of income, as the employee is guaranteed a certain level of compensation for each hour worked. However, it does not incentivize efficiency or productivity, as the reward is solely determined by the time spent rather than the outcomes achieved. Consequently, time wage systems may not necessarily encourage employees to perform at their highest level or to improve their skills, potentially limiting overall organizational growth.
Overall, time wage is a compensation method that links an employee's pay to the hours worked, providing a consistent income but lacking the monetary incentives for increased productivity.
Common Misspellings for TIME WAGE
- tije wage
- tike wage
- tioe wage
- tiie wage
- tiee wage
- tie wage
- tme wage
- tim wage
- ti e wage
- rime wage
- fime wage
- gime wage
- yime wage
- 6ime wage
- 5ime wage
- tume wage
- tjme wage
- tkme wage
- tome wage
- t9me wage
Etymology of TIME WAGE
The word "time wage" combines the term "time" with "wage".
"Time" comes from the Old English word "tīma", which meant "season, period of time" or "a suitable or opportune moment". It can be traced back to the Proto-Germanic word "tīmô", meaning "time, O.E. tīma" or "hour".
"Wage" originated from the Old English word "wæge", which meant "wages, pay, or salary". It can be derived from the Old Norse word "veg" or "weig", which denoted "weight, unit of weight". The word later associated with payment in terms of a fixed amount of money for labor.
When combined, "time wage" refers to a payment or compensation for work based on the amount of time an individual spends on the task, typically calculated at an hourly rate or wage.
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