Definitions
Value addedThe value added to raw products by further processing or manufacturing. Examples of value added: turning raw logs into lumber; turning lumber into doors or pre-fabricated buildings. See Gross Domestic Product (GDP). |
Wage ratesThe different amounts paid—whether annual salaries or hourly wages—to employees, depending on their occupation (also referred to as “pay scales”). Wage rates vary based on a range of factors (see Salary), such as general working conditions, the risk associated with doing a job, the training required, the responsibility involved, the hours of work, the type of equipment used on the job, and collective agreements in place between employers and unions. |
WagesFixed, regular payment for work, paid on an hourly, daily or weekly basis by an employer to an employee. See Salary. |
WorkforceThe population 15 years of age and older across Canada who are employed or are unemployed but actively looking for work. Also referred to as “labour force.” See Labour force. |
Working-aged populationThe population between the ages of 15 and 64. |
Work–life balanceA state in which a person achieves a balance in terms of time, energy and personal satisfaction between paid work and other important areas of life, such as family and recreation. |