Final answer:
C) Hourly wage payment
A contract where a provider is paid a set amount for each hour worked is known as Hourly wage payment. This type of payment falls under one aspect of total hourly compensation, which can include various benefits in addition to the base hourly wage.
Step-by-step explanation:
The payment method described in the question, where a service provider is paid a set amount for each hour worked, is known as C) Hourly wage payment. This method of compensation means that employees receive a predetermined amount of money for each hour of work they complete. The amount paid per hour is often agreed upon when the employment is initiated.
Interestingly, the hourly wage is just one component of an employee's total compensation package, which could also include supplemental pay, insurance, health benefits, as well as retirement and savings plans.
In retirement and savings plans, employees might be offered either a defined benefit plan or a defined contribution plan, and these benefits are on top of legally required payments, such as social security or workers' compensation.