Wage rate is the amount of money that an employee earns per hour of work.

It is also called hourly wage or pay rate.

Wage rate is different from salary, which is a fixed amount of money paid to an employee per month or year regardless of the hours worked.

Wage rate is also different from cost, which is the amount of money spent to produce a good or service.

The wage rate is also different from a bonus, which is an extra payment given to an employee as a reward for good performance or achievement