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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 labour for the amount of work finished in a day.

Large differences in wages may be the result of a combination of factors, such as industry of employment, geographic location, and worker skill.

Wages include, but are not limited to: Salaries, hourly pay, piece rate, or payments by the job. Commissions and bonuses. Overtime and vacation pay. The reasonable cash value of compensation other than cash.

There are three kinds of wages minimum wage, fair wage & living wage. At the bottom of the ladder there is the minimum basic wage which the employer of any industrial labour must pay in order to be allowed to continue in industry.

(h) "wages" means all remuneration, capable of being expressed in terms of. money, which would, if the terms of the contract of employment, express or. implied, were fulfilled, be payable to a person employed in respect of his.

5 Wage Types and How They Affect Your Employees Minimum Wage. Minimum wage is the most widely recognized term in the realm of employee compensation. ... Living Wage. Living wage is the lowest wage at which the wage earner and his/her family can afford the most basic costs of living. ... Prevailing Wage. ... Tipped Wage. ... Fair Wage.

Pay structure in India generally consists of the following components. 1- Basic wage/salary 2-Dearness allowance (D.A.) and other allowances. 3- Bonus and other incentives. 4- Fringe benefits or perquisites.