Salary

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

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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.

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Employee: REDIRECT Employment#Employee...

Employment contract: An employment contract is an agreement entered into between an employer and an employee at the commencement of the period of employment and stating the exact nature of their business relationship, specifically what compensation the employee will receive in exchange for specific work performed....