WAGE RATE Meaning and
Definition
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Wage rate refers to the amount of compensation an individual receives for performing a specific job or task, typically over a defined period, such as an hour, a day, a week, or a month. It indicates the rate at which an employer agrees to pay their employees for the labor they provide.
The wage rate is calculated by dividing the total wages earned by the total number of hours worked. It is commonly expressed as a monetary value per unit of time. For instance, a wage rate of $15 per hour implies that an individual will earn $15 for each hour of work performed.
Wage rates can vary significantly depending on several factors, including the nature of the job, the level of skill or expertise required, the geographic location of employment, the industry, and the prevailing labor market conditions. Wage rates are influenced by various factors such as supply and demand, cost of living, cost of production, and the overall performance of the economy.
Wage rates are typically subject to negotiation between employers and employees or their representatives, such as labor unions. In many countries, minimum wage laws exist to establish a wage floor, ensuring that workers are paid a certain minimum amount deemed fair by the government to prevent exploitation and provide a decent standard of living.
Overall, the wage rate is a fundamental concept in the realm of employment and labor economics, reflecting the amount of compensation individuals receive for their work, and serving as a determinant of both individual and societal economic well-being.
Common Misspellings for WAGE RATE
- qage rate
- aage rate
- sage rate
- eage rate
- 3age rate
- 2age rate
- wzge rate
- wsge rate
- wwge rate
- wqge rate
- wafe rate
- wave rate
- wabe rate
- wahe rate
- waye rate
- wate rate
- wagw rate
- wags rate
- wagd rate
- wagr rate
Etymology of WAGE RATE
The etymology of the word "wage rate" can be traced back to multiple origins.
The term "wage" originates from the Old English word "wage" or "gawage", which meant "a payment for services rendered". It is related to the Germanic word "wega" and the Gothic word "wahs", both meaning "money".
On the other hand, the term "rate" comes from the Old French word "rate", which meant "set amount or proportion". It is derived from the Latin word "rata", referring to a "reckoning or calculation".
When combined, "wage rate" refers to the amount or proportion of payment given for services or labor performed.
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