Wages

A wage is the amount of money paid for some specified quantity of labour. When expressed with respect to time (usually per hour), it is typically called the wage rate, and is specified in pre-tax amounts. It is often the main monetary item upon which the worker and the employer focus when negotiating an employment contract. Early forms of wages included salt (from which the word salary is derived). In modern English, the word salary tends to be used when referring to employment in ...

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Read more here: » Wage: Encyclopedia - Wage

Wages: Encyclopedia II - Maximum wage - Criticism of maximum wages Critics of maximum wages, like Milton Friedman, argue that they reduce incentives toward innovation and reduce incentives for the highly skilled to pursue difficult jobs. They argue for example, that reducing the possible earn of medical doctors reduces the incentive to become a doctor. Potentially high skilled doctors find that they can make the same earnings (now under a maximum wage) at a more simple and less stressful job. Those now attracted to the medical profession can be said to be less skilled ...

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Wages: Encyclopedia - Davis-Bacon Act

The Davis-Bacon Act of 1931 is a United States federal law which established the requirement for paying prevailing wages on public works projects. All federal government construction contracts, and most contracts for federally assisted construction over $2,000, must include provisions for paying workers on-site no less than the locally prevailing wages and benefits paid on similar projects. The act is named after its Republican sponsors, James "Puddler Jim" Davis, a Senator from Pennsylvania and a former Secretary of Labor under three presidents, and Re ...

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Davis-Bacon Act - Efforts to repeal suspension

Wages: Encyclopedia - Working class

The working class is a social class often contrasted with middle class and upper class in terms of the nature of work undertaken (manual labor or skilled), the level of remuneration (typically low hourly rates although there are exceptions) and access to resources (limited access to capital, education and land). People in this class often rely on payment for their labour to survive. The defining characteristic is the dependence on wage-labor (or salaried employment). The working class is mainly found in industrialised capitalist economie ...

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Working class - Definitions

Wages: Encyclopedia - Compensation of employees

Compensation of employees (CE) is a statistical term used in national accounts, Balance of Payments statistics and sometimes in corporate accounts as well. It refer basically to the total gross (pre-tax) wages paid by employers to employees for work done in an accounting period, such as a quarter or a year. However, in reality, the aggregate includes more than just gross wages, at least in national accounts and balance of payments statistics. The reason is that in these accounts, CE is defined as "the total remuneration, ...

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Wages: Encyclopedia - Working poor

Working poor is a term used to describe individuals and families who maintain full-time jobs but remain in relative poverty due to low levels of pay and dependent expenses. Often, they have negative net worth and lack the ability to escape their situations. In some situations there are people who choose to reject material benefits or prefer a lifestyle that most would regard as lazy or degenerate. Those people ...

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Working poor - Sources

Wages: Encyclopedia - Child support

In many countries, child support is the ongoing obligation for a periodic payment made by a non-custodial parent to a custodial parent, caregiver or guardian, for the care and support of children of a relationship or marriage that has broken down. In family law, child support is often arranged as part of a divorce, marital separation, dissolution, annulment or dissolution of a civil union and may supplement alimony (spousal support) arrangements. Child support - Legal theory. In most jurisdictions there is ...

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Child support - Housing and common wages

Wages: Encyclopedia II - Minimum wage - History

The first moves to legislate wages did not set minimum wages, rather the laws created arbitration boards and councils to resolve labour conflicts before the recourse to strikes. In 1894, New Zealand established such arbitration boards with the Industrial Conciliation and Arbitration Act + In 1896, the state of Victoria, Australia established similar boards The established similar boards In 1909, the Trade Boards Act was enacted in the United Kingdom, establishing four such boards In 1912, the state of Massachusetts, United States, set min ...

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Wages

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