Holidays

Another part of the package deal will be the entitlement to paid holidays. You may be entitled to three weeks' holiday on full pay at times you can select; or possibly the company may close down for three weeks, in which case you have to take your paid holiday at that particular time. You may be entitled to more than three weeks. If so, is the extra on full pay, or without pay?

Working hours

Working hours might be entirely suitable for you, or you may deem them to be unsocial, especially if shift work involving nights is involved. Do you get a higher rate of pay for night work?

Does 'flexitime' operate at your place of work? This is a comparatively new system of planning working hours, practicable only in certain conditions, under which you yourself may select, within stated limits, the actual hours in each week that you attend for work, provided you put in the required total number of hours. This may or may not be an advantage to you.

Fringe benefits

There are often other and more tangible benefits, too, usually termed fringe benefits or perquisites (`perks'). Some of these can have real monetary value to you and sometimes, especially if their value is not taxable, go a long way in supplementing your cash wage.

Catering

If your employer operates a staff canteen where you can buy meals at prices well below those in outside establishments, this benefit has a very important effect on the total value of your real wage. If there is no canteen but the employer provides luncheon vouchers that can be used in part payment for meals in cafes, this represents an addition to your total remuneration. Luncheon vouchers are free of tax up to 151/2p per day.


Commission

Individuals employed in many branches of the marketing or selling function of an industry are frequently paid a fixed salary (time work) plus commission on sales (piece work). The commission is usually expressed as a percentage of the value of sales over a period. It may be payable on total sales at a relatively low percentage, or only on sales exceeding agreed target figures, in which case it would be at a higher rate.

In some occupations, notably that of insurance salesmen, there is often no salary at all, all remuneration being by way of commission.

Conditions of work

A... see: Commission


Personal And Business Finance 2017

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