ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What is an hourly rate? Your hourly rate is the amount of money you earn for each hour you spend working. As an hourly employee, you should get paid for all of the hours that you work.

Detailed explanation-2: -Hourly employees are paid a wage for each hour of work they complete. They must be paid at least the minimum wage per hour based on state or federal guidelines-whichever is higher. They’re usually considered non-exempt employees and must be paid overtime wages starting after 40 hours of work in a week.

Detailed explanation-3: -First, determine the total number of hours worked by multiplying the hours per week by the number of weeks in a year (52). Next, divide this number from the annual salary. For example, if an employee has a salary of $50, 000 and works 40 hours per week, the hourly rate is $50, 000/2, 080 (40 x 52) = $24.04.

Detailed explanation-4: -Find out what the average India salary is How much does a India make in India? The average india salary in India is ₹ 600, 000 per year or ₹ 240 per hour. Entry-level positions start at ₹ 318, 125 per year, while most experienced workers make up to ₹ 1, 800, 000 per year.

Detailed explanation-5: -Wages depend on how much time one spends on work and how much work is completed within that period. Salary is more like a fixed amount. This is the main difference between wages and salary.