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Wages mean the reward for labour services
Different kinds of labour include:-
1: According to payment-can be be classified according to time e.g monthly or daily wage or according to work e.g wage per unit of produce
2: Relative wages-wages of different laborers in the same profession or in different professions are not identical and these are called relative wages.
3: According to the status of the labourer and include
-Pay i.e the payment which is made to the highly qualified persons or officers,like Governor and Commissioner
-Salary-is the payment that is made to the semi-qualified persons like Accountant and secretary
-Fee-it is the payment made to the professional persons like doctor,lawyer and lecturer
-Wage-the payment made to the unskilled persons like factory workers
4: Nominal and real wages-by nominal wages we mean monetary wages. But real wage is different from the nominal wage.The term real wage is applied to the total amount of necessities,comforts and other facilities which workers may enjoy by working at a job.The real wage may be greater or less than nominal wage.
Kalis answered the question on March 25, 2018 at 10:59
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