Holiday Loading
Are casual workers eligible for annual leave?
No
Why is a bonus given?
A bonus is given as a gift or reward for hard work
What are the two most common overtime rates?
Time and a half, and double time
The number of days in a year
365 days, 366 in a leap year
Define a wage
A wage is a payment for a week's work which is calculated at an hourly rate
The formula for holiday loading
17.5% x normal weekly wage x number of weeks
Fill The Blanks: A bonus is given as a _______ of someone's salary or a ________ payment.
A bonus is given as a PERCENTAGE of someone's salary or a FLAT payment
Give 1 disadvantage and 1 advantage for casual work
Advantages
- Flexible Hours
- Pay rate is often higher
Disadvantages
- No sick leave or holiday pay
- Not guaranteed work
- Possibility of losing job when 'not needed'
Number of weeks in a year
52 weeks
Define a salary
A salary is a payment for a year's worth of work which is often paid in weekly, fortnightly, or monthly payments
Nicholas earns $6240 normal pay for 4 weeks. Calculate his amount of HOLIDAY LOADING.
Nicholas' holiday loading will come to $1092
Calculate the bonus awarded for 6% of a $48,360 salary
The bonus awarded is $2901.60
Give 2 reasons why someone may be paid a special allowance
Danger Pay - working in confined spaces, wet weather conditions, extreme temperatures or isolated area's.
Work-Related Expenses - paying for uniform, meals, travel or tools.
Number of months in a year
12 months
Dylan receives a weekly salary payment of $1560. What is his annual salary? (assuming he works every week)
Dylan earns $81,120 in a year
Paige earns an annual salary of $105,560. Assuming she works every week of the year, work out her annual leave for a 4 week holiday.
Paige's annual leave will be $9541
Ollie received a bonus of 12% of his weekly wage. What is his bonus if he earns $1850 a week?
Ollie earnt a bonus of $222
Calculate the payment when working 5 hours at time and a half, on a wage of $18/hr.
The payment will be $135
Number of months in a quarter
3 months
Laura earns $1234 a fortnight and Ebony is paid $2459 a month. Who's annual salary is higher, and by how much?
Laura's annual salary is higher by $2576 a year.
Laura works a 37-hour week at a rate of $20.50/hr. What is her annual leave pay for a 3 week holiday?
Laura's annual leave pay will be $3432.21
Sandra's receiving a bonus of 7.75% of her annual salary. What is her bonus if she earns $74,980 a year?
Sandra's bonus is $5810.95
Jackson earns $23.80/hr. He earns normal time on week days, and time and a half during the weekend. Last week Jackson worked 34 hours during the week and 6 hours on weekends. Find his weekly wage.
Jackson earnt a total of $1023.40 for the week
Number of fortnights in a year
26 fortnights
Kim is a plumber who earns $477 for a day's worth of work. She is paid $53/hr. How many hours did Kim work this day?
Kim worked 9 hours this day