Rewards & Benefits Flashcards
(38 cards)
Money that is paid early on an ad hoc basis
A sub (UK) or an advance (US)
To work extra hours
To do overtime
To be paid at twice the normal rate
To be paid double time
The list of people employed and paid by a company
The payroll
To remove money from people’s wages (for example, for being late)
To dock someone’s wages
Extra money paid to employees in dangerous jobs
Danger money
What is the difference between “wages” and “salary”?
No real difference nowadays. In the past, “wages” were paid weekly or daily, for blue-collar jobs. A “salary” was paid monthly in white-collar jobs.
Money removed from wages to pay for tax and national insurance
Deductions
An automatic and regular increase in pay
An increment
Wages before tax, national insurance etc. has been removed
Gross pay
Wages after tax, national insurance etc. has been removed
Net pay
Lowest hourly wage a company can legally pay an employee
Minimum wage
When wages are increased automatically by the percentage increase in the cost of living, we say the wages are…
Index-linked
A saving plan for post-retirement
Pension plan
An extra payment in addition to normal wages
Bonus
This shows the employee how much they have been paid, along with deductions
Payslip
Wages paid directly to an employee’s bank account is said to be paid by…
Direct deposit
Money and other benefits offered with a job
Pay package / Rewards package
Wages are normally paid at the end of a working period. It is said they are paid in…
Arrears
An additional amount of money paid to an employee to compensate for them living in an expensive area
Weighting (e.g. London weighting)
All the money a person receives in a given period, including wages and any other money
Income
Money earned depending on how well you do, according to specified criteria
Performance-related pay
Money usually paid to sales people for making a sale
Commission
Wages received by sales people, regardless of how much they sell
Basic pay
