What is Median Wage?
‘Median Wage’ refers to the wage that lies right in the middle of a data set in which all the wages are arranged in ascending order. In cases where the data is a set of even numbers of wages, the average of the middle two salaries is considered the median wage.
It is generally considered to be a better estimation of wages than ‘mean wage’, which simply calculates the average of the set of wages. It is a good practice to understand the media wage for any job before applying for the same.
Similarly, finding the median wage will also help in negotiating the salary for a candidate securing a new position. It will also allow the candidate to understand whether the salary package being offered is fair.