Explain Wage and salary.

Wage and salary are both forms of compensation paid to employees in exchange for their labor or services, but they differ in their structure and how they are calculated.

Wage:
Wage typically refers to payment for labor that is based on an hourly, daily, or piece-rate basis. Workers who are paid wages receive compensation for the specific amount of time they work or the number of units they produce. Wages are often associated with jobs that involve manual or hourly work, such as manufacturing, construction, hospitality, and retail. The rate of pay for wages may vary depending on factors such as skill level, experience, industry standards, and local regulations. Wages may also be subject to overtime pay for hours worked beyond a standard workweek.

Salary:
Salary, on the other hand, refers to a fixed amount of compensation paid to employees on a regular basis, typically on a monthly or annual basis. Employees who receive salaries are often classified as exempt from overtime pay and are expected to work a predetermined number of hours per week or month. Salaries are common in professional, administrative, managerial, and white-collar positions where employees are paid for their role or position rather than the specific hours worked. The amount of salary is usually negotiated at the time of hiring and may be influenced by factors such as education, experience, job responsibilities, industry standards, and market demand.

In summary, while both wages and salaries are forms of compensation for labor, wages are typically paid based on an hourly, daily, or piece-rate basis for specific hours worked or units produced, while salaries are fixed amounts paid on a regular basis for a predetermined period, often associated with professional or administrative roles. Each form of compensation has its advantages and considerations, and employers may use a combination of wages and salaries depending on the nature of the work and the needs of the workforce.