Dear All, Can anyone provide me the basic difference between SALARY AND WAGES? Best Regards, Kalpana Agrawal
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M.Peer Mohamed Sardhar
Those who are engaged in Mental work and their work is not measureable
or can say we can't quantify that got Salary aginst their work.
Those who are engaged in physical work/labour and their work can be measure in term of Nos.Hours or day get the Wage against the same.
Thanks & Regards,
Salary: Salary paid to employees working on full time basis and paid on monthly basis. salary can be any amount.
Wages: Wages paid to employees working on hourly basis, daily basis or for a few day on replacement of any employee. Wages if paid on monthly basis it must follow Minimum wages according to that particular state, as its in Delhi Rs. 3470.
Thanks to all of you for your replies which is very useful. As per what i know, Salary is the Remuneration paid to the employee ( On Roll ) for providing regular service and its a consolidated package paid monthly. Regarding Wages, it may be hourly, Daily, weekly or monthly also but its for not the regular service and its not necessary that wages paid to contract workers only, it is paid to permanent workers too and amount decided as per the settlement done.
If anything wrong as per my understanding, do let me know.
Thanks and Regards,
Wages are generally paid per hour. This means that you have to be present and working in order to get paid. Most of the time, wage jobs are not as inclusive when it comes to things like paid vacations, or paid sick days. Wage earners often have to give up pay for leaving early, coming in late, missing a day, or taking a vacation.
Salary refers to how much you get paid every year. Salary earners rarely have to punch a time clock, or keep an accurate account of their hours, because they get paid for performance rather than by the hour. Salaried workers are much more likely to have paid sick days and paid vacations, and are not docked pay for being late or leaving early from time to time.
Salary can also be counted in terms other than money. Some companies consider reimbursement for things like medical insurance as part of your salary. You can even find some companies blending education and retirement contributions as part of your salary package.
Historically, we often refer to manual labor jobs as wage jobs, and professional jobs as salaried positions. Wage earners are more likely to be found in positions with high turnover, while salaries are often assigned for positions with low turnover.
We express wages as an hourly payment. We express salary as packages. You might find that you receive a base salary, stock options, retirement, benefits, and bonuses as a salary package.
Wages are more likely to be added up into additional payments. If you work 50 hours in one week, you may receive your first 40 hours at the regular pay rate, and the additional 10 hours at 1 Â½ times your normal pay rate. Salary earners are not often given the opportunity to get paid extra for additional hours.
Wages mean, as per accounting procedures, direct labour incurred in the manufacturing activities which is incorporated in the Manufacturing Account before arriving at Gross Profit & Salary denotes and which is paid to In-direct people (i.e. Administration, Accounts, Sales etc....) which is incorporated in the Profit & Loss Account before arriving "Net Profit" of the Company.
Thanks & Regards.
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