wage rate

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The rate per hour paid for work of a given type. This applies where time rates are in force; some types of work are paid for at piece rates. The wage rate is taken as that applying to normal hours of working: special rates, usually higher, tend to apply to overtime, or work at night, weekends, holidays, or other unsocial times. Wage rates may be laid down by law, or decided by collective bargaining or individual agreement. Wage rates are generally quoted exclusive of bonuses or allowances and before deduction of income tax, superannuation, or National Insurance contributions.

Subjects: Economics.

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