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There are many definitions of the term "wage". The employment Act defines a wage to include a remuneration of any kind. Longman English business English dictionary defines the term as the total amount of money that a company or an organization pays to its employees. Also, the Cambridge Business English Dictionary defines wages as the total amount that an organization pays its employees during a particular period, for example, if the organization has 130 members of staff, and the wage bill is $4.3 million. Merriam Webster defines the term wage bill as the total amount paid in wages by a business establishment or industry usually figured on an annual basis. The National Institute of Statistics and Economic Studies defines wage as the total sum of gross wages of an establishment (excluding employer's contributions). Therefore a wage is monetary compensation (or remuneration, personnel expenses, labor) paid by an employer to an employee in exchange for work done.