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A wage is remuneration for work in an employment relationship, paid in arrears on a pay period (usually monthly). It may consist of the following components: basic pay, wage compensation and performance-related pay. These are cash benefits and benefits of monetary value (wages in kind) provided by the employer to the employee. Unlike salary, it is paid in the private sector, while salary is only payable to employees of statutory institutions, i.e. government employees and employees of the USCs, contributory organisations, educational corporations, etc.

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