wage etymology

Etymology

The word "wage" originates from the Old French word "gage," which means "pledge" or "security." It entered Middle English around the 13th century as "wage" and has been in use ever since.

Meaning

Wage refers to the monetary compensation paid to an employee by their employer for work performed. It is typically calculated on an hourly, daily, weekly, or monthly basis. Wages are usually determined by factors such as the employee's skill level, experience, and the prevailing industry rates.

Origin

The concept of wages emerged with the rise of capitalist economies in the Middle Ages. Prior to that, workers were often paid in kind or through a system of feudalism. As economies became more monetized, employers began to pay workers a fixed amount of money for their labor, known as a "wage."

Historical Context

Throughout history, wages have played a significant role in labor relations. Struggles for fair wages and working conditions have led to the formation of trade unions, minimum wage laws, and other labor protections. The history of wages is closely intertwined with the development of industrialized societies and the rise of the modern working class.

Modern Usage

Today, wages remain a fundamental part of the economy. They are used to remunerate workers in a wide range of industries and professions. Wages are subject to taxation and often include various benefits, such as health insurance, retirement plans, and paid time off.

Related Terms

• Salary: A fixed amount of money paid to an employee on a regular basis, regardless of hours worked.
• Hourly wage: The amount of money paid to an employee for each hour of work performed.
• Piecework: A payment system where workers are paid based on the number of units produced.
• Minimum wage: The lowest legal rate of pay an employer can offer to an employee.

wage relate terms

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