Wage is a monetary payment made by the employer to his employee for the work done or services rendered. It is a monetary compensation for the services rendered. A worker may be paid Rs. 100 per day or Rs. 4500 per month. This is wage payment. The worker gives his services and takes payment called wage payment. Industrial workers are paid remuneration for their services in terms of money called wage payment. Wages are usually paid in cash at the end of one day, one month or one week. Money wage is the monetary compensation or price paid by the employer to his employee for the services rendered. Such compensation is also called wage or salary or reward given by an organisation to a person in return to a work done.
Generally, compensation payable to an employee includes the following three components:
Basic compensation for the job (wage/salary)
Incentive compensation for the employee on job
Supplementary compensation paid to employees (fringe benefit and employee services)
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