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An hourly worker or hourly employee is an employee paid an hourly wage for their services, as opposed to a fixed salary. Hourly workers may often be found in service and manufacturing occupations, but are common across a variety of fields. Hourly employment is often associated but not synonymous with at-will employment.
A wage is payment made by an employer to an employee for work done in a specific period of time. Some examples of wage payments include compensatory payments such as minimum wage, prevailing wage, and yearly bonuses, and remunerative payments such as prizes and tip payouts. Wages are part of the expenses that are involved in running a business.
The wage curve [1] is the negative relationship between the levels of unemployment and wages that arises when these variables are expressed in local terms. According to David Blanchflower and Andrew Oswald (1994, p. 5), the wage curve summarizes the fact that "A worker who is employed in an area of high unemployment earns less than an identical individual who works in a region with low ...
As a result, the term "wage slavery" is often utilised as a pejorative term for wage labour. [3] Similarly, advocates of slavery looked upon the "comparative evils of Slave Society and of Free Society, of slavery to human Masters and slavery to Capital," [4] and proceeded to argue that wage slavery was actually worse than chattel slavery. [5]
This also increases your hourly wage. If you get sick three times per year, you would likely miss between 7 and 10 work days per year. For example purposes, say the average person misses 8.5 work ...
When paying a worker, employers can use various methods and combinations of methods. [2] Some of the most prevalent methods are: wage by the hour (known as "time work"); annual salary; salary plus commission (common in sales jobs); base salary or hourly wages plus gratuities (common in service industries); salary plus a possible bonus (used for some managerial or executive positions); salary ...
A well-known factoid in American economic debates is that wages used to grow with productivity, but they don't anymore. There's a particularly famous chart, courtesy of the Economic Policy ...
Keynes summarizes the view of classical economists that the economy should be self-adjusting if wages are fluid, and that they blame rigidity in wages for problems like unemployment. He disagrees with what he says is the orthodox view, based on the quantity theory of money , is that wage reductions have a small effect on aggregate demand, but ...