ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A wage is payment made by an employer to an employee for work done in a specific period of time. Some examples of wage payments include compensatory payments such as minimum wage, prevailing wage, and yearly bonuses, and remunerative payments such as prizes and tip payouts.

Detailed explanation-2: -A salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed.

Detailed explanation-3: -Wage employment includes any salaried or paid job under contract (written or not) to another person, organization or enterprise in both the formal and informal economy.

Detailed explanation-4: -Salary is typically paid at regular periods, such as once each month. In contrast, wages are paid daily according to the number of hours worked. Salary is given based on an individual’s performance. While wages are paid hourly or according to the number of hours worked.