the rate of pay per unit of time, as by the hour, or per piece, or for work performed at an established standard rate.
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You may have read the word "simmer" in a recipe or two, but what does it really mean?
Also called basic rate.
Origin of base rate
First recorded in 1920–25
Words nearby base rate
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2020
British Dictionary definitions for base rate
British the rate of interest used by individual commercial banks as a basis for their lending rates
British informal the rate at which the Bank of England lends to the discount houses, which effectively controls the interest rates charged throughout the banking system
statistics the average number of times an event occurs divided by the average number of times on which it might occur
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012