Wages and hours

Wages and hours, income derived from labor, figured on the basis of the number of hours worked. Wages, the rate of which is determined by supply and demand, are the leading source of income in the United States and may be calculated for work completed by the hour, day, week, month, or by individual job or service performed. In addition to wages, workers may also receive remuneration in the form of overtime payments, bonuses, paid vacations, holidays, sick or maternity leave, and retirement benefits. Wages are categorized as either money wages or real wages. Money wages are the actual amount paid to workers; real wages represent the buying power of the money wages. Economists gauge economic change by investigating the fluctuations in money wages and making real-wage comparisons.