Q.What are the kinds of Wages ?

Wages are of two broad kinds by measurement — nominal (money) wage and real wage — and two kinds by mode of payment — time wage and piece wage.

Wage is the price paid for the services of labour. Its main kinds are:

By measurement:

• Nominal wage (money wage) — the amount of money paid to a worker for his services, e.g. ₹15,000 per month. It measures the wage only in money terms.
• Real wage — the quantity of goods and services that the money wage can actually purchase, i.e. its purchasing power. Real wage also includes extra benefits such as free housing, bonus, and job security, and depends on the price level.

By method of payment: …