🔔Difference Between Salary and Wages
💥This is a common question in our business and finance courses.
🔔TOPICS FOR OUR COURSES
✅Salary is a fixed amount paid or transferred to the employees at regular intervals for their performance and productivity, at the end of the month whereas wages are hourly or daily-based payment given to the labor for the amount of work finished in a day.
✅The main difference between salary and wages lies in the fact that salary is fixed, i.e. it is predetermined and agreed between the employer and employee, while wages are not fixed, as it varies depending on the performance of the labor.
✅Salaried persons are generally said to be doing “white collar office jobs” which implies that an individual is well educated, skilled and is employed with some firm and holds a good position in the society.
✅Wage is termed as a compensation that is given on the basis of the amount of work done and the hours spent in doing that. Wages are variable and do vary with day to day functioning of an individual. Wages are given to labors who are engaged in manufacturing processes and get the compensation on a daily basis.
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