- Salary is defined as the remuneration paid to the clerical and managerial personnel employed on monthly or annual basis. Wage is defined as the remuneration paid by employer for the services of hourly, daily, weekly and fortnightly employees.
- This distinction between wage and salary does not seem to be valid in these days of human resources approach where all employees are treated as human resources. Hence, these two terms can be used interchangeably. As such, the wage and/or salary can be defined as the direct remuneration paid to an employee compensating his services to the company.