Wage Rise
Definition
A wage rise refers to an increase in the amount of money that workers receive as payment for their labor.
Analogy
Think of a wage rise like leveling up in a video game. As you get better and progress through the game, you earn more points or rewards. Similarly, when wages rise, workers are rewarded with more money for their work.
Related terms
Minimum Wage: This is the lowest amount that employers can legally pay their employees per hour.
Living Wage: This is a wage that is high enough to maintain a normal standard of living.
Salary: This is a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee.
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