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Wage(s)

Payment for work performed as an employee, typically calculated the hourly rate times the number of actual hours worked and paid weekly or more frequendy. Employees on wage contracts usually qualify for an overtime rate for actual hours worked in excess of the contracted time. Payments for work performed by the self-employed as independent contractors are not classed as wages. See also salary.

Reference: Oxford Press Dictonary of Economics, 5th edt.