Archives: Terms

Definition of Wage Restraint Wage restraint refers to the practice of limiting the growth of wages within an economy, typically implemented by governments, employers, or through agreements with labor unions to control inflation or enhance economic competitiveness. This involves deliberate actions to moderate or freeze wage increases over a period […]

Definition of Wage Resistance Wage resistance refers to the reluctance or opposition of employers to increase wages despite the rising cost of living or increased productivity of workers. It occurs when businesses are unwilling to adapt to external economic factors that justify higher compensation for employees. Wage resistance can stem […]

Definition of Wage Rate The wage rate refers to the standard amount of compensation paid to an employee per unit of work, typically expressed as an hourly, daily, monthly, or annual sum. Wage rates are determined by a variety of factors, including the skill level required for the job, industry […]

Definition of Wage Freeze A wage freeze is a temporary suspension of wage increases for a certain period of time. It means that employees’ salaries will not be increased, regardless of their performance or market conditions. Wage freezes are often implemented by organizations as a cost-saving measure during economic downturns […]

Definition of Wage Flexibility Wage flexibility refers to the ability of wages to adjust in response to changes in economic conditions, such as supply and demand for labor. It is a crucial aspect of labor market dynamics and can play a significant role in maintaining employment levels and economic stability. […]

Definition of Wage Drift Wage drift is the difference between the officially agreed-upon wage rates and the actual wages paid to employees. It usually refers to the portion of the earnings that exceeds the basic wage determined by collective bargaining agreements or formal wage structures. Wage drift occurs due to […]

Definition of Wage Differential Wage differential refers to the disparity in wages paid to workers for the same or similar type of work within or between different sectors of the economy. These differences can arise from various factors such as education, experience, skill level, geographic location, industry demand, or differences […]

Definition of Voucher A voucher is a bond of the redeemable transaction type which is worth a certain monetary value and which can be spent only for specific reasons or on specific goods. Vouchers are often used as a form of subsidy to stimulate demand for specific goods or services, […]

Definition of Voting Share Voting share refers to the right to vote attached to shares of stock in a corporation. These shares allow the shareholder to participate in key decisions affecting the company, including electing board members, approving major corporate policies, and making decisions on mergers or acquisitions. Voting shares […]

Definition of Voting Voting is the process through which individuals express their preferences or choices, typically in the context of elections for governmental office, referendums, or other decision-making processes. It serves as a fundamental mechanism of democracy, allowing citizens to participate in the governance of their country, state, or community […]