Mean wage

What is the mean annual wage?

The mean annual wage is the estimated total annual wages of an organization divided by its estimated employment, i.e., the average annual wage.

What does the mean salary mean?

The mean or average salary is the amount derived by summing up all the salaries for a select group of employees or all the employees and then dividing the sum by the number of employees in the group or all the employees, respectively.

What is the difference between mean, median and hourly wage?

Mean wage: It is the average wage that employees of a company receive, and is equal to sum of all the wages of every employee divided by the number of employees.

Median wage: When salaries of all the employees are arranged in an ascending order, the middle most value is the median wage. It represents the limit between the lowest 50% and the highest 50%.

Hourly wage: It is the wage that you receive per hour for the amount of work done. In general, the wage increases as the number of hours increase.

How does mean wage differ from country to country?

The mean wage varies by different regions as it depends on more than one external factors. It depends on the economic conditions in that country, the cost of raw materials, the cost of living, environmental conditions and many more.

Why mean wage?

Mean wage is a good indicator of the all the wages in a firm. It gives a holistic view of the expenditure made on each employee by a firm since it takes into consideration the wages of all employees.

Who decides the mean and minimum wage for the employees?

The mean wage is decided by the board of directors and other dignitaries at the companies. While the Minimum wage rates in India are decided following the Minimum Wages Act, 1948. Minimum wage rates are determined both by the Central Government and the Provincial Governments depending on the various factors of their regions.

What is the importance of mean wage?

Mean wage is important for all types of people in the work spectrum, that is employers, employees, and job seekers. It is especially important for job seekers as it gives them an insight into how much is paid to whom, and also a comparison of wages by different companies.