![]() ![]() Salary is typically determined by comparing market pay rates for people performing similar work in similar industries in the same region. Salary is commonly paid in fixed intervals, for example, monthly payments of one-twelfth of the annual salary. Salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed. In accounting, salaries are recorded in payroll accounts. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis.įrom the point of view of running a business, salary can also be viewed as the cost of acquiring and retaining human resources for running operations, and is then termed personnel expense or salary expense. A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. ![]()
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