What is the term for payment made to an employee at a specified rate per hour worked?

The term for payment made to an employee at a specified rate per hour worked is known as "wages." This form of compensation is typically calculated based on the number of hours an employee works, where they receive a fixed amount for each hour. This structure is common in many types of jobs, especially those that are hourly in nature, such as in retail or hospitality.

Wages can vary depending on the industry and the level of responsibility of the position. Employers often pay wages on a weekly or bi-weekly basis. Unlike salaries, which provide a fixed annual amount irrespective of the hours worked, wages fluctuate with the number of hours an employee actually works in a given timeframe.

This concept distinguishes it from a "salary," which usually refers to a fixed amount of compensation paid over the course of a year, regardless of hours worked. "Time rate" is a related but less commonly used term that can describe payment based on time worked, but it isn't the standardized term used for hourly pay. "Piece rate" refers to payment based on the number of units produced or tasks completed, rather than hours worked.