Salary and Wage

Salary and wage are fairly similar but there is a big difference. Both refer to the money you get for a job, but one is a fixed amount and one is an hourly amount.

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If you get hired at a job that pays $52,000 a year then that is a salary. Some companies in North America pay you once a week (payday!) and so you would get $1,000 every week. Although your job might have set hours (9-5) you won’t lose pay if you are sick, late or there is a holiday. You may get in trouble for being sick or late, but it won’t affect your salary.

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A job that pays $10 an hour is giving you a wage. You get paid for how many hours you work in a pay period (maybe every week or every two weeks). If you worked 40 hours you get $400, if you worked 20 you get $200. Being sick, late or having holidays means that you didn’t work certain hours and you will make less money.

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Both positions do usually offer overtime pay if you work more than 40 hours in a week or on holidays. This isn’t always the case with salaried positions, but it does happen frequently.

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