Understanding Pay & Benefits
Types Of Pay
- Ex: If you work for a wage of $20 per hour, Your paycheck would be $20 multiplied by the number of hours you worked during pay period.
Salary: total amount of money that they are paid each year.
- Ex: How much money you make from your job . ($60,000 per year)
Commission: a fee or percentage allowed to a sales representative or service
- Ex: Johnson's Museum sold Lara's painting for $800, so Lara paid them 10% commission ($80).
Tips: a small sum of money given to an employee by customers in exchange for a service.
- Ex: When you go the waffle house , you suppose to give the person who serves your food a tip.
Explaining Minimum Wage
Minimum Wage is the lowest wage an employer may pay an employee for a specified job. It helps workers across the country keep up with inflation.
The exception for minimum wage is :
- Subminimum Wage because it is set lower than the standard minimum wage.
- Overtime because people work overtime to get more money.
What is Overtime?
- In most cases , compensation for work beyond 40 hours must be at least 1.5 times the employee's regular rate of pay.
- Federal law requires that hourly employees who work more than 40 hours in a workweek must be paid at a higher rate for the overtime hours, at a minimum of 1 1/2 times the employee's regular pay rate.
- Overtime pay is calculated: Hourly pay rate x 1.5 x overtime hours worked.
Types of Benefits
Ex: when you get in a car accident , you have to have insurance on your car.
Savings and Retirement Benefits:The employers offers many types of employee savings plans and retirement plans. Money is being deducted to put in a savings or investment account. After a certain amount of time, the employee becomes vested.
Ex:When a person retires from their job but they saved all they money up.
Other Benefits: are benefits that employers can offer including paid holidays, vacations, and sick leave. They may also pay for additional education or job training to help employees learn new skills.
Ex: when a person has cancer, you donate money to help them out.
Types Of Employment Classifications
Part Time : when you work less than 35 hours per week.
Temporary: means that sometime employers hire workers to fill temporary vacancies .
Contract:when employees are hired for a specified period of time to complete a particular project for an employer.
Jobs That Offer Benefits
2.Lowe's , which means part-time staff can also enroll in life insurance and short-term disability plans.
3.Ups, which means UPS workers enjoy other benefits at no cost, including life, disability, and death/dismemberment insurance, adoption assistance, and tobacco cessation support.
4.U-Haul, which means after a year of service, part-time U-Haul employees who log 20 hours a week are eligible for direct stock purchase.
5.Starbucks, which offers short-term disability and death/dismemberment insurance plans, employee assistance programs that include low-cost counseling, adoption assistance of up to $4,000, and a 401k plan that includes an employer match of up to 6% of total employee contributions.