Ch 23 - Key terms

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  • Created by: angus f.v
  • Created on: 21-11-14 14:23
Bonus system
a payment in addition to the basic wages for reaching targets or in recognition for services
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Commision
A payment based on the value of sales, usually a percentage of sales made
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Gross pay
Pay before deductions
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Net pay
An employee's take home pay, i.e. pay after deductions such as income tax and pension contributions
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Overtime
A rate of pay above the normal rate to compensate employees for working extra hours.
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Performance related pay
A payment system designed for non-manual workers where pay increases are given if performance targets are met
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Piece rate
A payment system where workers receive an amount of money for each unit produced
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Profit sharing
Where workers are given a share of the profit, usually as part of their pay
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Salary
Pay, usually to non-manual workers, expressed as a yearly figure but paid monthly
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Time rate
A payment system based on the amount of time employees spend at work
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Other cards in this set

Card 2

Front

A payment based on the value of sales, usually a percentage of sales made

Back

Commision

Card 3

Front

Pay before deductions

Back

Preview of the back of card 3

Card 4

Front

An employee's take home pay, i.e. pay after deductions such as income tax and pension contributions

Back

Preview of the back of card 4

Card 5

Front

A rate of pay above the normal rate to compensate employees for working extra hours.

Back

Preview of the back of card 5
View more cards

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