What is defined as an hourly rate of pay?

The term that is defined as an hourly rate of pay is "wages." Wages specifically refer to the compensation workers receive based on the number of hours they work, typically calculated on an hourly basis. This means that individuals earning wages are paid a set amount for each hour of labor they contribute, reflecting the direct correlation between time worked and payment received.

In contrast, salaries represent a predetermined annual amount paid to employees, regardless of the number of hours worked. Salaried employees often do not receive additional pay for overtime, contrasting with wages, which can be influenced by the number of hours worked beyond the typical schedule. Bonuses are additional financial incentives awarded to employees for meeting certain performance goals, and commissions are payments based on sales or specific achievements, further distinguishing them from the straightforward hourly rate structure of wages. Thus, in the context of the question, the correct term for hourly compensation is clearly identified as wages.