The annual wage is an important concept in the world of employment and finance. It refers to the total amount of money that an employee earns in a year, including salary, bonuses, and other compensation. Understanding the definition and meaning of annual wage is crucial for both employers and employees.
Definitions
The annual wage is defined as the total amount of money that an employee earns in a year. This includes all forms of compensation, such as salary, bonuses, overtime pay, and benefits. The annual wage is typically calculated by multiplying the employee’s hourly rate by the number of hours worked in a year.
Origin
The concept of an annual wage has been around for centuries, dating back to the days of feudalism. In those times, workers were paid an annual wage by their lords, which was usually a fixed amount of money or goods. The modern concept of an annual wage emerged during the industrial revolution, when workers began to be paid a regular salary for their work.
Meaning in different dictionaries
According to the Oxford English Dictionary, the annual wage is “the total amount of money earned by an employee in a year, including salary, bonuses, and other compensation.” Merriam-Webster defines it as “the total amount of money paid to an employee for work done in a year.”
Associations
The annual wage is closely associated with the concept of employment and labor. It is used to determine the compensation that an employee receives for their work, and is often a key factor in negotiations between employers and employees.
Synonyms
Some synonyms for annual wage include annual salary, yearly pay, and annual earnings.
Antonyms
There are no direct antonyms for annual wage, but some related terms include hourly wage, daily wage, and weekly wage.
The same root words
The root words of annual wage are “annual” and “wage.” Annual refers to something that occurs once a year, while wage refers to the payment that an employee receives for their work.
Example Sentences
- “John’s annual wage is $50,000, which includes his salary and bonuses.”
- “The company offers a competitive annual wage and benefits package to attract top talent.”
- “The union is negotiating for a higher annual wage for its members.”