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Remuneration methodsRemuneration is the term used to describe every meanings of pay.Wages and salariesDepending on the persons job, he/she will either be paid a wage or a salary. Wages are based on the number of work hours that you had in the previous week. Wages get built up as the hours you work increase. A salary is when you get paid a certain amount each year, and you get paid a fraction (1/12) of your each methodsThese are just two payment methods, there are some more available.
  • Cash: cash is mainly paid at the end of the week to workers on wages not salaries.
  • Cheque: Cheques are usually handed to the employee, but it is sometimes sent to their home address.
DeductionsThe money that is your wage/pay is not all paid out to you, some of it is deducted (taken away) to pay for your taxes,pension and insurance. Pension, just so you know, is the money that you will have left over specifically for when you slips
No matter how an employed person is paid, they will always recieve a pay slip. Pay slips show you the pay that you will have and your deductions. It usually shows: the hours you've worked; the original pay, deductions, the pay after the deductions, how much tax has been paid this year and how much insurance has been paid this year.
If a person has had more experience in a certain job, they will get paid more than someone that has just started to work in the job. Also, if you have high qualifications in the job's field you would be more valuable to the company and they will pay more to have you work for them.
Time/piece ratesMost people on wages are on a time-rate, this means that the pay they recieve depends on the hours that they have worked. Piece rates would depend on the amount of things that they have managed to move or pack e.g. a person is paid 10p for each letter they fold and put in an envelope, if they do 1,000 of them; they would get £100.OvertimeOvertime is the pay that is given to an employee for working over their normal amount of hours. Overtime pay is usually higher than your original pay.BonusesBonuses are usually given to employees that have achieved a certain goal set by the company that he/she works for. Bonuses can range from money, to a holiday and a car.CommissionCommission is paid to people with low hour pay rates, commission is a minuscule percentage of thetotal value of sales made by that employee; this is added to the employee's original pay.

Questions that you may need answering for the following scenario:
A business recieves a rush order for £1,000 of products. The business knows that the materials used will cost £400, but in order to produce the products and sort out the order it will need ten of it's employees to work 5 hours overtime each at £10 per hour. The business owner wonders whether it will make any money out of the rush order.
  • Why is the business willing to pay overtime to it's employees? The business is willing to pay overtime time so that they can make some money out of the rush order and they need at least this amount of employees to fulfill the rush order.
  • Calculate the total cost of fulfilling the order. 10x5=50x10=500+400=900 £900 to create the order, so they will be getting £100 out of the deal.
  • If I was the business leader I would not accept this order, although it has benefits, the disadvantages far outweigh the benefits:
Advantages of accepting the order

  • The people that made the rush order might think more highly of the company that fulfilled the order. The company receive a profit. The workers gain more experience at rush order. The workers get paid overtime.
  • Disadvantages of accepting the order.

The employees have to work longer hours away from their families.

The employees might not get the order made in time for the order to be accepted.

The employees might not have the experience of rush orders to have made the items to the right standard.
The company will only make a small amount of profit.