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What (who) is labour cost - definition

DISTRIBUTION OF A SECURITY PAID BY AN EMPLOYER TO AN EMPLOYEE.

Wage rate; Wages; Wage Theory; Wage and Salary; Wage level; Hourly wage; Low pay; Underpaid; Overpaid; Labor costs; Labour cost; Labour costs; Cost of labor; Cost of labour; Normalized unit labour cost; Unit labor cost; Unit labour cost; Normalized unit labor cost; Wages in the United States

Wage

·vt To give security for the performance of.

II. Wage ·vi To bind one's self; to Engage.

III. Wage ·vt To adventure, or lay out, for hire or reward; to hire out.

IV. Wage ·vt To engage in, as a contest, as if by previous gage or pledge; to carry on, as a war.

V. Wage ·vt That which is staked or ventured; that for which one incurs risk or danger; prize; gage.

VI. Wage ·vt To put upon wages; to Hire; to Employ; to pay wages to.

VII. Wage ·vt To expose one's self to, as a risk; to incur, as a danger; to Venture; to Hazard.

VIII. Wage ·vt To Pledge; to hazard on the event of a contest; to Stake; to bet, to lay; to Wager; as, to wage a dollar.

IX. Wage ·vt That for which one labors; meed; reward; stipulated payment for service performed; hire; pay; compensation;

- at present generally used in the plural. ·see Wages.

wage

¦ noun (also wages)

1. a fixed regular payment for work, typically paid on a daily or weekly basis.

(wages) Economics the part of total production that is the return to labour as earned income as distinct from the remuneration received by capital as unearned income.

2. the result or effect of doing something wrong or unwise: the wages of sin.

¦ verb carry on (a war or campaign).

Derivatives

waged adjective

Origin

ME: from Anglo-Norman Fr. and Old North. Fr., of Gmc origin; related to gage¹ and wed.

wages

n.

1) see wageI

2) starvation wages

Wikipedia

Wage

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. It is an obligation to the employee regardless of the profitability of the company.

Payment by wage contrasts with salaried work, in which the employer pays an arranged amount at steady intervals (such as a week or month) regardless of hours worked, with commission which conditions pay on individual performance, and with compensation based on the performance of the company as a whole. Waged employees may also receive tips or gratuity paid directly by clients and employee benefits which are non-monetary forms of compensation. Since wage labour is the predominant form of work, the term "wage" sometimes refers to all forms (or all monetary forms) of employee compensation.

https://en.wikipedia.org/wiki/Wage

Examples of use of labour cost

1. Yet a vicious cycle takes hold when companies focus too narrowly on labour cost savings.

2. The accounts showed Labour cost much more to run than the Tories and employed more staff.

3. Vietnam‘s improved rating was attributed to its low labour cost, great market potential and low risks, the report said.

4. Highlighting potential capacity constraints, it added: "Almost every district reported shortages of high–skilled workers." But there was little sign of rising labour–cost pressures.

5. Executive Vice President and Chief Economist of "The Conference Board" Gail Fosler said labour cost in India was somewhat the same as that in China.