Seniority

Graduated Wage
A salary structure of incremental wage levels in an organization. Wages are graduated by job grade, seniority, experience, or performance.
Longevity Pay
Longevity pay refers to salary or wages that are based on an employee’s seniority or length of service with an organization. The greater the length of service, the greater the longevity pay. It may also include bonuses for remaining on a job beyond a certain period.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.