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The world of work

Keywords/concepts for the world of work

Employee People who work for others in return for payment.
Contract This is a document containing all the details about the job being offered to you.
Employer The person who hires the employee and pays them for the work done.
Benefits Sick pay, holiday pay and other state entitlements.
Deductions Money that will leave your wages when you get paid. There will be some automatic deductions from your pay such as income tax, universal social charge and PRSI.
Income tax Tax on earnings. Based on the principle that the more you earn the more you pay.
USC - Universal Social Charge Tax on earnings. Must pay if your annual income is greater than €4004.
PRSI - Pay Related Social Insurance If you pay this you are entitled to some social welfare benefits.
Gross pay This is what you earn before any deductions are taken away.
Salary This is when an employee receives a fixed amount of income regardless of the amount of hours they work.
Basic wage This is the amount an employee receives for a normal working week before deductions.
Overtime When an employee works extra hours.
Net pay This is the wages that the employee receives after all deductions have been taken out.
Created by: moneysense