Employment is a contract between two parties, one being the employer and the other being the employee. An employee may be defined as: "A person in the service of another under any contract of hire, express or implied, oral or written, where the employer has the power or right to control and direct the employee in the material details of how the work is to be performed." Black's Law Dictionary page 471 (5th ed. 1979). - Wikipedia at: http://en.wikipedia.org/wiki/Employer

A wage is a compensation, usually financial, received by a worker in exchange for their labor. Compensation in terms of wages is given to worker and compensation in terms of salary is given to employees. Compensation is a monetary benefits given to employees in returns of the services provided by them. http://en.wikipedia.org/wiki/Wages

Compensation of employees (CE) is a statistical term used in national accounts, Balance of Payments statistics and sometimes in corporate accounts as well. It refers basically to the total gross (pre-tax) wages paid by employers to employees for work done in an accounting period, such as a quarter or a year.

http://en.wikipedia.org/wiki/Compensation_of_employees