MANAGEMENT

Detailed explanation-1: -Salaried workers earn a preset sum each pay period that isn’t determined by how many hours they work each week. Hourly workers get paid a per-hour rate, so their paychecks are based specifically on the number of hours they work.

Detailed explanation-2: -Wages and salaries are the remuneration paid or payable to employees for work performed on behalf of an employer or services provided. Normally, an employer is not permitted to withhold the wages or any part thereof, except as permitted or required by law.

Detailed explanation-3: -Wages are the remuneration or reward for labour. There are two main kinds of wages-(1) Nominal wages and (2) Real wages. The term ‘nominal wages’ refers to money wages. But the term ‘real wages’ refers to the commodities and services that the money wages can provide.

Detailed explanation-4: -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.