What are the three types of salary?
Compensation management and payroll administration structure employee remuneration into three primary salary and compensation classifications based on calculation methods. The first is fixed base salary, which guarantees a predetermined annual or monthly monetary amount regardless of the number of hours worked, typical of exempt professional positions. The second is hourly wage compensation, where earnings are calculated directly by multiplying the exact hours worked by an established hourly rate, with mandatory overtime pay for hours exceeding standard thresholds. The third is performance-based or commission salary structures, which combine a baseline retainer with variable financial incentives tied directly to sales volume, productivity milestones, or corporate profitability targets.
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