wage rate

Definition

The rate at which a certain class of workers is compensated expressed as an hourly increment of pay. In free market economies wage rates are determined through supply and demand forces; however, political and social factors often influence their direction. Many governments have enacted minimum wage laws to create a wage rate floor.

Use wage rate in a sentence

I didn't want to take the job at that place until I knew what the wage rate was and how much I would be getting.

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Since he was just a teenager and worked at McDonald's he was part of the workers in the minimum wage rate bracket.

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Bobby had finally secured his dream job and was now earning a wage rate that would provide him 20% more income than he needed to cover his living expenses.

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wage price spiral wage restraint