Average Industrial Wage: The average amount of money earned by workers in the industrial sector, calculated by dividing the total wages paid to industrial workers by the number of workers. This figure is often used as a benchmark for comparing wage levels across different industries and regions.
The average industrial wage refers to the average amount of money earned by workers in the industrial sector. This figure is often used as a benchmark for setting minimum wage standards and determining compensation levels in labor disputes. It is calculated by taking the total wages earned by industrial workers and dividing it by the number of workers in the sector. The average industrial wage can vary by region and industry, and is often used as a key indicator of economic health and labor market conditions.
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This glossary post was last updated: 29th March 2024.
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