Beszéljünk a pénzről: fizetések, bérek angolul

“Pay” is money that the employee gets from the employer either as a wage or a salary. But what is the difference between salary and wage? And what other notions of money do the employer and the employee need to discuss before signing a contract? Let’s see some of the financial concepts that are essential to know about at the workplace.

Salary and wage

Generally speaking, people who get paid a “salary” get their money monthly. They get the same amount each month regardless of the number of hours they work in the given month. This fixed regular payment is often expressed as an annual sum: “She received a salary of £42,000.”

Wage, on the other hand, is a fixed regular payment that is earned for work or services. It is typically paid on a daily or weekly basis. The more hours the employee works, the more money they will make. “Wages” usually refers to the actual sum of money that a person makes, while “wage” is a more abstract idea: “What’s the minimum wage in the UK nowadays?”, “The company is considering cutting wages due to financial problems.”

Pay vocabulary

There are a number of compound words with the word “pay”. Back pay is money owed to the employee by the employer for work done which has not yet been paid. A pay cut is a reduction in the amount of money one is given, while a pay rise is an increase in pay.

Gross pay refers to all the money the employer pays before any deductions are taken out. Net pay is the amount the employee earns after deductions, such as social security, pensions, tax, health insurance etc. A pay scale is a range of different pay rates which people will receive depending on various factors, such as their grade in the company, the number of years they have spent at the company, their qualifications, the languages they speak etc.

Equal pay means that men and women get the same pay for doing the same job. Equal pay is a concept of labour rights. It is used to bridge the gender pay gap, the average difference between a man’s and a woman’s remuneration. Equal pay relates to the full range of benefits and payments.

Employees usually receive an itemized pay statement at the beginning or end of each month. It contains a detailed breakdown of the pay they have earned and the deductions taken from it. It usually also contains used and remaining vacation days and sick days. 

Performance-related pay (PRP) means that the amount paid depends on the quality and quantity of the work. PRP systems are designed to motivate employees and to align their effort more closely with the aims of the organization. The pay is either financial, or non-financial, such as gift cards or vouchers. 

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Salary vocabulary

A person who gets a salary is a salaried employee. Having a competitive salary means that it is a good one for that particular job. A salary scale is the range of salaries available. When someone starts working, they are usually at the bottom of the salary scale. When someone starts a job, they will receive their initial salary, an amount that is expected to rise later. If the employee needs money, they can ask for a salary advance. The basic salary is the salary before any extras and bonuses. 

To sum up

Pay is a general word to refer to the money one gets from their employer for doing their job. Manual workers are paid wages, or a wage. The plural is used when we are talking about the cash someone receives. Wages are usually paid as a weekly sum. Professional people and office workers receive a salary. It is paid monthly, but we use the annual figure when talking about someone’s salary. The income is all the money received from all sources.

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