Salary

A salary is a form of periodic payment from an employer to an employee, which is specified in an employment contract.

Related Topics:
Employer - Employee - Employment contract

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Whilst 'wage' and 'salary' are often used interchangeably, 'salary' refers in particular to payment associated with a position over a fixed period of time, such as per week, per month, or per year. A manager or other person with oversight responsibilities (commonly referred to as a 'white-collar worker') would be more likely to draw a salary which does not vary with hours worked (also meaning that she would not receive overtime pay). A labourer or 'blue-collar worker' would take wages (usually paid , , or ), based upon the actual hours worked.

Related Topics:
Wage - Week - Month - Year - White-collar worker - Overtime - Labourer - Blue-collar worker

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From the point of view of running a business, salary can also be viewed as the cost of acquiring human resources for running operations, and is then termed personnel expense or salary expense. In accounting, salaries are recorded in payroll accounts.

Related Topics:
Business - Human resources - Operations - Personnel expense - Salary expense - Account

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