What is a salary?

A salary is a fixed amount of payment received by an employee from an employer usually varies according to position or job. In most cases a salary is paid monthly, though some organizations may pay on a weekly or bi-monthly basis depending on the agreements in an employment contract. The amount of salary is fixed and it can be negotiated during an interview, however, it may change if an employee is promoted or demoted. Sometimes a salary can be attached with a bonus if an employee shows good performance.

In most cases, the words salary and wage are confused and used interchangeably but they actually mean different. 

A salary as mentioned above, is a regular fixed payment in which an employee is contracted to receive from an employer usually on a monthly basis. While a wage is a hourly or daily basis payment and it depends on a time worked and the performance offered.

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