Ireradcton to Compensation Rewards, age Levelsand age NOTES Serer 1 WAGE LEVELS AND WAGE STRUCTURE! A wage isa monetary compensation or financial remuneration that is paid by an employer to an employee to complete their work or provide their services, Foran example, a worker may be paid® 100 per day or € 4500 per month, The employees provide their services at their best and take payment from the employers, whichis called wage payment. Wages are usually paid in cash at the end of one day, one ‘month, or one week, Such compensation is also called salary or reward given by ‘an organization toa person in return of their work, 1.3.1 Wage Level The wage level represents the money that an average worker makes in a ‘geographical area or in the organisation, Payment may be calculated asa fixed amount for each task completed or onan hourly or daily rate basis for their services. Payment by wage contrasts with salaried work, in which the employer pays an arranged amount at steady intervals such as a week or month notwithstanding the hours worked, with compensation that conditions pay on individual performance and the performance of the company. Salaried employees may alsoreceive gratuity or tips that is paid directly by clients and employee benefits for their whole performance, which are non-monetary forms of compensation. Since salaried labour isthe leading form of work, the term, ‘wage’, sometimes refers toall forms that is all monetary forms ofthe employee compensation. Generally, compensation payable toanemployee includes the following three components; * Basic compensation forthe job (wage’salary). * Incentive compensation for the employee on job. * Supplementary compensation paid to employees (fringe benefit and employee serviees). 1.3.2. Wage Structure ‘Wage structure is the hierarchy within a company that sets the amount for each level of employment and the benefits duc to each level. Lower-Level employees ate paid less than higher-level employees in the organization and these lower-level employees may get an hourly wage as opposed to a set salary. This means that if anemployee misses work, then he or she would lose out on those wages. However, these employees are also due overtime, if earned. Higher-level individuals in a company are more likely to receive far greater compensation for their work due to the responsibilities they have. Additionally, these individuals may be able to