A salary is a form of remuneration paid periodically by an employer to an employee, the amount and frequency of which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour, or other unit is paid separately, rather than on a fixed periodic basis.
From a business point of view, salary can be deemed as the cost of acquiring human resources for running operations and is then termed personnel expense or salary expense. In accounting practice, salaries are typically recorded in payroll accounts.
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Famous quotes containing the word salary:
“Social and scientific progress are assured, sir, once our great system of postpossession payments is in operation, not the installment plan, no sir, but a system of small postpossession payments that clinch the investment. No possible rational human wish unfulfilled. A man with a salary of fifty dollars a week can start payments on a Rolls-Royce, the Waldorf-Astoria, or a troupe of trained seals if he so desires.”
—John Dos Passos (18961970)
“But compared with the task of selecting a piece of French pastry held by an impatient waiter a move in chess is like reaching for a salary check in its demand on the contemplative faculties.”
—Robert Benchley (18891945)
“The salary cap ... will be accepted about the time the 13 original states restore the monarchy.”
—Tom Reich, U.S. baseball agent. New York Times, p. 16B (August 11, 1994)