Lesson 27. Watch your money (1)

WAGES

Do you have a job?

How are you paid-   per hour, per day, for each task?

Discuss 1 and 2 with your class and teacher.

Which jobs are well paid and which jobs are badly paid? Why?

Minimum wage

In 2004 minimum hourly wage for 16-17 year olds was ₤3

                                                    for 18-21 year olds was ₤3.80

                                                    for over 21 year olds was ₤4.85

Work out how much you earn if you work for

WAGES – OVERTIME

Overtime is money paid for working more than agreed number of hours each week. Overtime is often paid at a different rate such as ‘time and a half’ or ‘double time’ (for example, evening work is often paid at ‘time and a half’ and weekend work is often ‘double time’)

Note.

The average UK salary (in 2004) was ₤24,600 = ₤12.81 per hour (based on a 48 week year and a 40 hour week).

EXAMPLE:

Jess the mechanic is paid ₤8 per hour and overtime at ‘time and a half’. One week, Jess works for 40 hours plus 5 hours overtime. How much will Jess earn that week?

pay for 40 hours is 40 × ₤8 = ₤320

(‘time and a half ‘pay rate = ₤8 × 1.5 = ₤12)

 Pay for 5 hours overtime = 5 × ₤12 = ₤60

 Total pay = ₤320 + ₤60 = ₤380

lesson 27

• Test 1
• Test 2
• Test 3