Let's Explore!

     Employers can pay their employees either in salary or in wages at various time intervals. A
salary is fixed amount of money that an employee typically receives on a monthly or bimonthly
basis, but it may also be expressed as an annual sum. Employees who receive salaries are
called salaried employees.
Use the lecture note: /files/7486775/Lesson1_Explore_Salary_Wage_and_Income.pdf
*Lecture note is adapted from "Business Mathematics" by Norma D. Lopez-Mariano, PhD
How to calculate Total wage:/files/7486775/total_wage.pdf
 

1. What is an employee compensation?

2. What is wage/s?
3. What is piece rate?
4. How to determine paid piece rate? 
5. Salary, Wage, and Income
6. Let's Explain!
7.       Employees generally have their rest days, which may not fall on a Sunday. If an
employee is made to work on a Sunday, his/her rest day could be Monday or any other
day of the week to compensate for the Sunday that he/she worked. If an employees is
made to work on his or her rest day or an a special holiday like Maundy Thursday or
Good Friday, which dates are not fixed, the computation of his/her pay would be the
following:
8.        1. On Rest Day and Special Day
9.        2. On Rest Day which falls on a Special Day
10.        3. On a Regular Holiday  
Let's Elaborate !
                       Earnings of an employees paid on a monthly or on annual basis is generally
referred to as salary. It is sometimes, necessary to convert salaries on an annual basis into
monthly basis, weekly to monthly, monthly to semi-monthly, etc.

1. Salary
2. Income