key term - Wages

Definition

Wages are the regular compensation paid to employees by employers for the work or services they provide during a specified period. This form of payment is a crucial aspect of the employment relationship and varies based on factors like industry, role, experience, and location.

Related terms

Income Inequality: The unequal distribution of income within a population, often leading to economic disparities and social tensions.

Poverty Line: A threshold set by economic authorities, below which individuals or families are considered to be living in poverty due to insufficient income.

Minimum Wage: The lowest legal amount per hour that workers can be paid by employers, established by government policy to protect workers from exploitation.