What is the definition of salary?

Economics Dec 17, 2020

Expert Solution

Salary is defined as any amount of money received by an employee from his employer for services rendered. This is usually paid on a daily, weekly or monthly basis depending on the agreement of the employer and employee. An employee's salary must not go below the minimum wage as provided for by law, otherwise the employee may be liable. Furthermore, the position, degree of work as well as skills of the employee are considered to determine his salary.

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