Wage definition: Copy, customize, and use instantly
Introduction
The term "Wage" refers to the compensation paid to an employee for their labor, typically on a regular basis, such as weekly, bi-weekly, or monthly. It is an essential term in employment contracts and can include various types of payment arrangements, such as hourly or salaried wages. Defining "Wage" in a contract ensures clarity regarding compensation expectations, ensuring that both employers and employees understand the terms of remuneration.
Below are various examples of how "Wage" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Wage" as an hourly compensation
This definition ties "Wage" to an hourly rate of compensation.
"Wage" means the amount paid to an employee based on the number of hours worked, typically calculated at an hourly rate.
Definition of "Wage" as a salary
This definition connects "Wage" to a fixed, periodic salary payment.
"Wage" refers to the fixed amount paid to an employee on a regular basis, typically weekly, bi-weekly, or monthly, regardless of the number of hours worked.
Definition of "Wage" as a minimum wage
This definition links "Wage" to the legally defined minimum amount an employee can be paid.
"Wage" means the minimum amount of money that an employer is legally required to pay an employee for their labor, as defined by relevant labor laws.
Definition of "Wage" as a commission-based payment
This definition applies "Wage" to a commission structure.
"Wage" refers to the compensation paid to an employee that is based on a percentage of sales, business transactions, or other performance metrics.
Definition of "Wage" as a performance-based pay
This definition ties "Wage" to pay that is linked to employee performance.
"Wage" means the compensation paid to an employee that varies based on individual or team performance, typically linked to targets or quotas achieved.
Definition of "Wage" as a contracted amount
This definition connects "Wage" to the total compensation agreed upon in the contract.
"Wage" refers to the agreed-upon amount of compensation paid to an employee for the duration of their employment, as specified in the contract.
Definition of "Wage" as a daily compensation
This definition applies "Wage" to a daily payment structure.
"Wage" means the amount paid to an employee for each full day of work performed, typically used for short-term contracts or temporary employees.
Definition of "Wage" as an overtime rate
This definition links "Wage" to compensation paid for overtime work.
"Wage" refers to the amount paid to an employee for hours worked beyond the standard workweek, typically paid at a higher rate, such as time and a half.
Definition of "Wage" as an inclusive rate
This definition applies "Wage" to a comprehensive rate that includes all compensation elements.
"Wage" means the total compensation an employee receives, which may include base pay, bonuses, commissions, and other forms of payment.
Definition of "Wage" as an agreed-upon rate for specific tasks
This definition connects "Wage" to pay for particular tasks or assignments.
"Wage" refers to the fixed rate paid to an employee for completing specific tasks or assignments, typically on a per-project basis.
Definition of "Wage" as an annual salary
This definition ties "Wage" to a fixed, yearly payment structure.
"Wage" means the fixed annual compensation paid to an employee, typically paid in periodic installments, such as monthly or bi-weekly.
Definition of "Wage" as a piecework compensation
This definition applies "Wage" to a piecework compensation model.
"Wage" refers to the amount paid to an employee based on the number of units produced or tasks completed, typically used in manufacturing or similar industries.
Definition of "Wage" as a legal wage requirement
This definition connects "Wage" to a wage standard defined by law.
"Wage" means the amount of compensation that is required to be paid to an employee as per local, state, or national labor laws, ensuring minimum payment standards are met.
Definition of "Wage" as an exempt employee salary
This definition links "Wage" to employees who are exempt from overtime pay.
"Wage" refers to the salary paid to an exempt employee, who is not entitled to overtime pay based on their job classification under labor laws.
Definition of "Wage" as an hourly labor compensation
This definition connects "Wage" to payment for labor based on hours worked.
"Wage" means the compensation paid for each hour of labor performed by an employee, usually calculated by multiplying the hourly rate by the total number of hours worked.
Definition of "Wage" as an agreed hourly rate
This definition applies "Wage" to a mutually agreed-upon hourly compensation rate.
"Wage" refers to the hourly rate that an employer and employee agree upon for work performed, paid according to the number of hours worked each week or pay period.
Definition of "Wage" as an hourly rate plus benefits
This definition ties "Wage" to an hourly rate that includes additional benefits.
"Wage" means the compensation paid on an hourly basis, which may be supplemented by additional benefits, such as health insurance or retirement contributions.
Definition of "Wage" as a seasonal employment rate
This definition links "Wage" to work that is only offered during certain seasons.
"Wage" refers to the compensation paid to employees who are hired on a seasonal basis, typically for a specific duration each year, such as summer or holiday seasons.
Definition of "Wage" as a non-exempt employee rate
This definition connects "Wage" to compensation for non-exempt employees entitled to overtime.
"Wage" means the hourly or salaried compensation paid to a non-exempt employee, who is eligible for overtime pay according to applicable labor laws.
Definition of "Wage" as a flat-rate compensation
This definition applies "Wage" to a flat-rate payment model.
"Wage" refers to a fixed amount paid to an employee for each period of work, regardless of the number of hours worked within that period.
Definition of "Wage" as a base rate of pay
This definition ties "Wage" to the base compensation an employee receives.
"Wage" means the standard amount paid to an employee for their labor, excluding bonuses, commissions, or other performance-related incentives.
Definition of "Wage" as a living wage
This definition links "Wage" to a wage that meets basic living expenses.
"Wage" refers to the compensation paid to an employee that is sufficient to cover the basic cost of living, ensuring the employee can meet fundamental needs such as housing and food.
Definition of "Wage" as a premium rate
This definition connects "Wage" to a higher compensation rate for specialized tasks.
"Wage" refers to the higher compensation rate paid to an employee for performing specialized tasks or working in hazardous conditions, usually above the standard pay rate.
Definition of "Wage" as a guaranteed wage
This definition applies "Wage" to compensation that is guaranteed regardless of performance.
"Wage" means the amount of compensation that is guaranteed to be paid to an employee, regardless of factors such as performance or output.
Definition of "Wage" as a market rate
This definition links "Wage" to the standard rate of compensation in a specific market.
"Wage" refers to the typical rate of compensation paid to employees in a specific job role within a particular market or geographic region.
Definition of "Wage" as an industry-standard rate
This definition ties "Wage" to the compensation rate commonly offered in a specific industry.
"Wage" means the compensation typically paid to employees within a particular industry or sector, reflecting the prevailing rate in that field.
Definition of "Wage" as a net wage
This definition applies "Wage" to the amount paid after deductions.
"Wage" refers to the amount of compensation an employee receives after taxes, benefits, and other deductions are subtracted from the gross wage.
Definition of "Wage" as a gross wage
This definition connects "Wage" to the total compensation before deductions.
"Wage" means the total compensation paid to an employee before any deductions, such as taxes, retirement contributions, and health insurance premiums.
Definition of "Wage" as an additional wage component
This definition links "Wage" to a supplementary form of compensation.
"Wage" refers to the base compensation paid to an employee, which may include additional components such as hazard pay, bonuses, or profit-sharing.
Definition of "Wage" as a wage increase
This definition applies "Wage" to a pay raise scenario.
"Wage" refers to the compensation amount an employee receives after a wage increase has been applied, typically based on performance or tenure.
Definition of "Wage" as an incentive wage
This definition connects "Wage" to compensation tied to performance incentives.
"Wage" means the base pay that an employee receives, which may be supplemented by additional incentive wages based on achieving specific performance goals.
Definition of "Wage" as a competitive wage
This definition ties "Wage" to a compensation rate designed to attract and retain talent.
"Wage" refers to the compensation offered to employees that is competitive within the labor market to ensure recruitment and retention of skilled talent.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.