Wage
Hourly payment to employee (or daily/piecework).
Formula
Wage = Hours Worked × Hourly Rate
Real World
Sports Direct pays many warehouse staff the National Living Wage on an hourly basis, meaning weekly take-home pay fluctuates depending on shift allocation and overtime.
Exam Focus
Contrast wages with salaries clearly — wages vary with hours worked, salaries are fixed annually; examiners penalise conflation of the two.
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