Business English - Pay, Salary, Wages...

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Salary and pay vocabulary

This is a list of business vocabulary related to pay, salary, wage...

pay

A wage or salary earned for work

salary

A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract.

wage

Wages differ from salaries in the sense that each job, hour or other unit is paid separately, rather than on a periodic basis.

Pension

A pension is a fixed sum paid regularly to a person, typically, given following a retirement from service.

back payment

An overdue payment from an employer to an employee for work done in earlier.

The employer payed a back payment to his employee on his wages from 3 months earlier.

pay cut

A reduction in the amount of pay an employee is given.

The pay cuts will affect only new employees.

ask for pay rise

To ask for an increase in pay.

pay rate

The amount of money received per unit time usually per hour

In some countries women's pay rate is lower than men's

net pay

This is the amount of money left over after deductions from the gross salary.

performance-related pay

This is money paid to someone relating to how well he or she works at the workplace.

basic salary

What an employer earns before other sums of money, such as payments for working extra hours, are added.

bonus

An extra sum given as a premium to an employee

The employee of the week receives a bonus for his excellent work.

cost of living allowance

A Cost of Living Allowance (COLA) adjusts salaries based on changes in a cost-of-living index. Salaries are typically adjusted annually.

disability pension

A disability pension is a form of pension given to those people who are permanently or temporarily unable to work due to a disability.

overtime pay

Overtime is the amount of time someone works beyond normal working hours. Overtime pay is the money given to someone for such work. Employers are required to pay workers at a higher hourly rate for overtime work.

severance pay

A severance package is pay and benefits an employee receives when he or she leaves employment at a company.

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