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The word risk means been exposed to the possibility of loss, injury or other unpleasant situations. Risk involves uncertainty.
The word wages refers to a fixed regular payment that is given to a worker as a result of the services he rendered. It is often paid on a daily or weekly basis.
The two words can be used together in a sentence as shown below:
Accepting that job was a big risk, I was suspicious of the employer from the very beginning, when I got to know that such a big wage is offered for such a simple job requirement.