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Wages are financial compensation that an employer pays to his employee for the contribution of the services, time and effort of the latter. Wages are most often paid in cash or cheque, though some companies that pay wages in the form of meals and other benefits.
When we say the term ‘wage’, it is often ambiguously assumed that it is similar to the term ‘salary’. Though both of them imply financial compensation for services rendered by an employee, there exist few differences between both terms:
As wages are mostly contract based, there were days when daily wagers had to struggle for their rights and fair wage rates. This led to the formation of trade unions that protected wage laborers and ensured that they got their fair wages and rights.
The origin of trade unions dates back to 18th century, which was the era of rapid industrialization. These trade unions played a key role in protecting the labor rights, preventing the employers from over-exploiting their workers, dealt with child labor issues and worked for reducing wage gaps between the male and female workers.
Let us understand this term “wage gap” which is often a topic of debate. Wage gap refers to the difference between the wages received between male and female workers for the same amount of work and duration.
Reports showcase that a female worker in the USA earns 78% to 82% of what a male worker earns. The statistics show a similar scenario in India too, where women are being paid 20% lesser than men. Top Wage Paying Countries
Since jobs that pay wages are highly volatile, there are cases where wage workers demand much higher wage rates compared to an average salary based employee.
If you are wondering where wages are paid the highest, take a look at the list below that shows the top five paying countries along with minimum wage rates per hour defined as per their laws:
Checking the above list, do you feel that you are being underpaid? No worries!
By following simple changes, you too can demand an increased wage rate:Gain expertise in your field and demand for more wage rate, or shift to a better paying employer Don’t hesitate during wage negotiations
Opt for side income through freelancing, part-time jobs or side businesses.
With our salary calculator, you can easily calculate your salary or wage per hour, per day, per week, bi-week, semi month, per month, quarter and per year.
For this, you need to input the salary rates in your desired currency and the wage frequency (per hour, per day or per week how you would receive your wage) and number of working hours per week and working days per week.
Use our calculator and make you wage calculations simpler!