Wages and salaryAdministration
Terminologies
•Wages
- Aggregate earnings of a employeefor his service for a day, or a week, or amonth . It is the price paid for the servicesof labour in the process of production.Includes 2 parts-
the basic wages & other allowance
•Salary
- compensation to an employee forservice rendered on a weekly, monthly orannual basis.
Wages Vs Salary
Wages 2.Quantum of servicecan be measured 3.Shorter Service period 4.Payment based onactual production.Salary 2.Quantum of servicecannot be measured 3.Longer service period 4.Paid uniformly generally onmonthly basis
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