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
Test lesson 2
Other lessons:
Lesson 1. Wages
Lesson 3. Pricing your holiday
Lesson 4. Money for your holiday
Lesson 5. Mobile phones
Lesson 6. Bank accounns
Lesson 7. VAT - Value Added Tax
Lesson 8. Electricity, gas and water
Lesson 9. Credit - 1
Lesson 10. Credit - 2
Lesson 11. Credit - 3
Lesson 12. Which is better value?
Lesson 13. Car insurance
Lesson 14. Income tax
Lesson 15. Buying a house
Lesson 16. Council fax
Lesson 17. Old age pension
Lesson 3. Pricing your holiday
Lesson 4. Money for your holiday
Lesson 5. Mobile phones
Lesson 6. Bank accounns
Lesson 7. VAT - Value Added Tax
Lesson 8. Electricity, gas and water
Lesson 9. Credit - 1
Lesson 10. Credit - 2
Lesson 11. Credit - 3
Lesson 12. Which is better value?
Lesson 13. Car insurance
Lesson 14. Income tax
Lesson 15. Buying a house
Lesson 16. Council fax
Lesson 17. Old age pension
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