GENERAL KNOWLEDGE

Detailed explanation-1: -wage and salary, income derived from human labour. Technically, wages and salaries cover all compensation made to employees for either physical or mental work, but they do not represent the income of the self-employed.

Detailed explanation-2: -According to our definition, wage labour is based on market exchange: the work-ers offer their capacity to work, and the employers offer remuneration in money or kind in return.

Detailed explanation-3: -What Are Examples of Wages? Let’s say you have an employee who works for $20 an hour. Over the course of a two-week pay period, they worked a total of 80 hours. To calculate the wages they’ve earned, multiply the 20 dollar rate by 80 hours to get a total of $1600.

Detailed explanation-4: -Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction.

Detailed explanation-5: -A salary (or wage) is a fixed amount paid in exchange for an employee’s services. Each province has legislation which entitles most employees to receive a “minimum wage” in exchange for the work they complete for a company.