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The world of work
Keywords/concepts for the world of work
Question | Answer |
---|---|
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. |