Question

List out the kinds of wages.

Answer 1

Wages are divided into four types.

1. Nominal Wages or Money Wages: Nominal wages are referred to the wages paid in terms of money.
2. Real Wages: Real wages are the wages paid in terms of goods and services. Hence, real wages are the purchasing power of money wages.
3. Piece Wages: Wages that are paid on the basis of quantum of work done.
4. Time Wages: Wages that are paid on the basis of the amount of time that the worker works.