Definition of Wages
Wages are the compensation for services performed by a worker for their employer. In most cases wages also consists of other payments to the worker in addition to their salary. Workers who are injured in a personal injury case may be compensated for current and future lost wages.
Prior to settling with the insurance company most injured parties will want to consult with an injury lawyer to make sure they have a realistic figure for lost wage compensation. For instance, lost wage compensation may not only include actual wages it also could include commissions, promotions, cost of living adjustments, fringe benefits, bonuses and pension benefits.
If you are injured and cannot return to past employment calculations may also need to be made to compensate for the difference in pay between your old job and your new job, the length of time you will be at your lower paying job, and the amount of time you spent looking for a new job. As you can see, a lost wage calculation for an injury can be complicated and it is important to discuss the calculation with an experienced personal injury lawyer before settling an injury case.