what is the definition of Base Pay in finance?

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DefinitionBase pay is a basic salary paid to an employee with the exclusion of bonuses, raises, or any other compensations. It is the agreed pay/ standard rate an employee receives at the end of every day, week, or month. Any other increase that comes from the employer as some form of bonus or raise will not be regarded as base salary.Base Pay ExplainedWhen a new employee gets hired, the human resources (HR) manager or representative quotes and agrees with the new employee on the base pay. The base pay becomes the minimum amount of income the employee will receive at…
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