More vocabulary on the important topic of money:
‘commission’ is paid to people in sales based on the amounts of goods sold.
- Working here I get paid a fixed salary and commission based on my sales.
- I get paid a commission on the deals I negotiate.
People who are ‘hourly paid’ are paid a fixed rate for each hour that they work and not a fixed salary for a year or task.
- He isn’t a salaried employee, he is hourly paid.
- For everyone who is hourly paid, wages are paid weekly.
‘benefits’ are the extras that you are given by your employer on top of your salary. These may include private health insurance, a private pension, company car.
- Although my gross salary is not high for the sector, I get a lot of extra benefits.
- He has a very good benefits package including a car and private health insurance.
A ‘taxable benefit’ is a benefit which is considered as part of your income and therefore included in the income to be declared for tax.
- The value of the company car is included in my income. It is a taxable benefit.
- Meals in the canteen, drinks and parking are generally not taxable benefits.
‘expenses’ are the costs that you incur doing your job that are reimbursed by the company, notably for travel.
- When I travel, I pay for my tickets and hotels and then claim my expenses back.
- The company is very strict about expenses. We can’t spend more than a certain amount on hotels or meals.
In order to claim expenses, you must keep all ‘receipts’ for payments you have made.
- On the 30th of the month, we hand in all our receipts for our expenses.
- When I take someone to lunch I always have to get a receipt so that I’ll be reimbursed.
If you use your own car to travel to another location for your work, you may be able to claim ‘mileage’ands be reimbursed a fixed rate per mile travelled to cover the cost.
- It is better for the company to pay mileage than provide company cars.
- There is a fixed rate for mileage depending on the size of the car.
a ‘pay review’ is when salaries are considered for changes.
- The unions are preparing for the negotiations in the annual pay review.
- A lot of changes to pay grades are being considered during the pay review. When the company closed the branch, the redundancy pay was very generous.
‘redundancy pay’ is given if you lose your job and are made redundant. This is usually related to the time you have worked for the company.
- When I lost my job, I used my redundancy pay to set up my own company.
- When the company closed the branch, the redundancy pay was very generous.
‘notice’, specified in the terms of your contract, is the time worked between telling your employer that you are leaving your job and actually leaving.
- I have to work out two months notice before I can start my new job.
- When I left, I was paid my notice but I didn’t have to work it.