W

Wage Agreement

Definition

A formal contract outlining wage terms, benefits, and working conditions between an employer and employee or union.

Context & Importance

Wage agreements ensure transparent pay practices and often result from collective bargaining.

Use Cases

• Standardising pay for unionised workforces
• Multi-year wage agreement planning

Related Concepts

Collective agreement, compensation policy, employee contract

TankhaPay Relevance

Supports automated wage rule setups and timely updates based on agreed terms.