A wage is the amount of money paid to a worker for their labor, typically calculated on an hourly, daily, or piecework basis. It serves as compensation for the time and effort spent performing a job. Wages can vary widely depending on factors such as the type of work, the industry, and the worker's experience. In many countries, minimum wage laws set the lowest legal amount that can be paid to workers, ensuring they receive fair compensation. Employers often provide additional benefits, such as health insurance or retirement plans, alongside wages to attract and retain employees in a competitive job market.