A periodic payment assigned to an employee in exchange for their work or professional service. It is usually determined by week, month or year, and is independent of the actual hours worked or the amount of product manufactured. Salary is a remuneration received by the worker in exchange for work done for an employer, and the amount is established in the employment contract. It is mainly received in money, although it may include a part in kind that can be evaluated in monetary terms. There must always be a remuneration in money; in-kind remuneration is additional.
« Back to Glossary IndexSalary
« Back to Glossary Index