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Being an Employer
Junior cert business studies
| Term | Definition |
|---|---|
| Employer | This is a person or a company who pays others i.e. employees to do the required work.= |
| Entrepeneur | Is a person who sees an opportunity in the market and sets up a business to develop that opportunity at a profit.= |
| Calculating wages | Employees are paid by time rate, piece rate or on a commission basis. (methods of calculating wages).= |
| Piece rate | Employees are paid by the number of items produced. A block-layer gets paid for the number of blocks layed. |
| Commission | An employee is paid for the number of items sold together with a small basic wage. E.g. Car sales person.= |
| Pay Related Social Insurance Calculation | This is paid as a percentage of an individuals gross pay. Both the employer and employee pay into the PRSI fund= |
| Statutory Deductions | PAYE, PRSI and USC. |
| Non Statutory (Voluntary)Deductions | Health insurance (e.g. VHI, BUPA/VIVAS) Private pension, Trade union fees and Savings scheme= |
| Salary | means an employee is paid a certain amount of money per year= |
| Wages | employee is paid per hour= |
| Basic Pay | payment for normal working= |
| Overtime | additional pay at a higher rate per hour for working in excess of normal working hours= |
| Bonus | Extra money added to wages for achieving certain targets= |
| Benefit-in-kind | Non money income. Eg. company car, subsidised canteen= |
| Subsidised | company pays some of the cost of meals etc.= |
| Flexi-time | One can with the consent of ones employer work the required hours at any time within limits during the week= |
| Equal Opportunities Employer | Employer does not discriminate on the grounds of: gender, race, colour, religion and age= |
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