Wages and Salaries (Junior Cert Business Studies): Flashcards

Payment based on number of hours an employee works

Hourly rate × hours worked

Fixed amount paid at regular intervals (monthly or annually)

Divide annual salary by 12

Wages vary by hours worked; salaries are fixed

Electronic system transferring wages/salaries to bank accounts

Electronic payment systems (like PayPath)

No risk of losing cash or having it stolen

Employees don't need to visit bank to deposit pay

Banking charges, technical issues, need bank account

At least 70% of national minimum wage

Direct bank transfer and cash payment