Basic pay is a term that is commonly used in the employment world. It is the minimum amount of money that an employee receives for their work. Basic pay is an important part of an employee’s compensation package, and it is used to calculate other benefits such as overtime pay, bonuses, and retirement benefits.
Definitions
Basic pay is defined as the fixed amount of money that an employee receives for their work, excluding any additional benefits or bonuses. It is the minimum amount of money that an employee is guaranteed to receive, regardless of their performance or the company’s profitability.
Origin
The concept of basic pay has been around for centuries, dating back to the days of feudalism. In those times, workers were paid a basic wage for their labor, which was often just enough to cover their basic needs. Over time, the concept of basic pay evolved, and it became an important part of modern employment practices.
Meaning in different dictionaries
In most dictionaries, basic pay is defined as the minimum amount of money that an employee receives for their work. It is often used interchangeably with the term “base salary,” which refers to the same concept.
Associations
Basic pay is often associated with other employment benefits, such as health insurance, retirement plans, and paid time off. These benefits are often calculated based on an employee’s basic pay, and they can have a significant impact on an employee’s overall compensation package.
Synonyms
Some common synonyms for basic pay include base salary, fixed pay, and regular pay. These terms all refer to the same concept of the minimum amount of money that an employee receives for their work.
Antonyms
The antonym of basic pay is variable pay, which refers to compensation that is based on an employee’s performance or the company’s profitability. Variable pay can include bonuses, commissions, and other forms of incentive pay.
The same root words
The root words of basic pay are “basic” and “pay.” Basic refers to something that is fundamental or essential, while pay refers to the compensation that an employee receives for their work.
Example Sentences
Here are some example sentences that use the term basic pay:
- The company offers a competitive basic pay package, with additional benefits such as health insurance and retirement plans.
- The employee’s basic pay is $50,000 per year, with the potential for additional bonuses based on their performance.
- The union is negotiating for higher basic pay for its members, as well as better working conditions.
- The company has a policy of increasing basic pay by a certain percentage each year, to keep up with inflation and cost of living increases.