Wages and salaries

Updated: Aug 20, 2021

A generic term for remuneration paid to employees of a business or other organization. Both are fixed by contract and are usually determined by a trade union or national agreement. The distinction between a wage and a salary is fairly nebulous but, generally speaking, wages are paid weekly and salaries monthly, or wages apply to manual workers and salaries to clerical workers. When references are made to a wage freeze or to wage restraint, the term wage includes both wages and salaries.

Reference: The Penguin Business Dictionary, 3rd edt.

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James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.