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Ch. 8 Section 2

Ch. 8 Section 2. Wages. Salary —Make the same no matter how much you work in pay period. Hourly Rate—Get paid per hour that you work Pay Period are normally every other week for salary positions and weekly for hourly positions. Overtime.

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Ch. 8 Section 2

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  1. Ch. 8 Section 2

  2. Wages • Salary—Make the same no matter how much you work in pay period. • Hourly Rate—Get paid per hour that you work • Pay Period are normally every other week for salary positions and weekly for hourly positions

  3. Overtime • Non-exempt employee are workers who are normally paid an hourly wage and are entitled to earn overtime. • Overtime is usually any time you work over 40 hours.

  4. Exempt Employees • Exempt employees are exempt from earning overtime. They are usually commission or salary positions.

  5. Commission • Commission is when earnings are based on a percentage of sales.

  6. Piece Rate • Piece Rate is when employees get paid per piece they make. • Many local factories use piece rates.

  7. Incentive Plans • Profit sharing- workers receive a share of the company’s profits • The better the company performs, the more each worker receives. • Performance Bonuses—reward workers for high levels of performance.

  8. Benefits • Benefits– are extras that a company provides in addition to pay. • Insurance • Pension Plan—Savings plan for retirement • Childcare • Paid vacation

  9. Performance Reviews • Performance Reviews—is a meeting between you and your supervisor to evaluate how well you are doing your job. • Layoff- job loss due to the economy or reduction in the workforce

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