Business Resources By WorkPlaceMoxie.Com

The Ups And Downs Of Payment Methods

Are you getting an Hourly Wage? Do you believe people getting a Salary have it better than you do?

Are you getting a Salary? Have you ever wondered if you're really getting the best deal?

By the time you finish reading this page you'll have access to information dealing with such issues as:

Understanding who gets what kind of payment
Understanding the pro's and con's of each kind of payment method
Deciding which type of payment is right for you

Discover how and why successful people choose different payment methods. Most people begin their work life earning an Hourly Wage. A Salary is not offered unless and until you have achieved a certain level of experience and skills in the work world.

Which explains why there seems to be a different degree of "status" that goes along with the two different payment methods. But that's not really true -

Neither position is any less or more important than the other. In fact, each supports and depends on the other. And they're both important to the success of any business.

And as with most things in life, there are pro's and con's to both of these payment methods.

Hourly Wages ... When you work a position that pays an Hourly Wage, you're guaranteed a certain dollar amount for each and every hour you work and most of these positions have a set number of hours you're expected to work per week.

The down-side to this type of payment method can be that you'll lose money if you lose time at work. Unless - It's covered by your employer's policies on sick leave, personal time or vacation time.

The up-side to getting an Hourly Wage can be if you have the chance to work more than 40 hours per week. Then you'll get what's known as "overtime". (Explained in the next paragraph.)

When you work in a position that pays an Hourly Wage, it's the law that if you work more than 40 hours per week, you'll be paid "time and a half" on each hour over that 40 hours. And "double time" on holidays and some other times decided by employers.

(If you're not familiar with how "time and a half" works, what it means is you take your regular hourly rate, divide it by half and add that to your regular hourly rate. For example, if your regular hourly rate is $5.00, half of that is $2.50. Then $5.00 + $2.50 = $7.50 And that's what you'll be paid for every hour over 40 hours. "Double time" means you double your hourly rate.)

So you can see how this can be a real plus! And if your employer has the need for you work a good deal of overtime, or on holidays, etc., you can make quite a bit more money. (Ah - But just remember - The more you make, the more Uncle Sam takes ... )

Salary ... When you work a position that pays on a Salary basis, you're also guaranteed a certain dollar amount per week. The difference comes in the number of hours you work. (Most of these positions have an agreed number of hours you're expected to work each week.)

The down-side to this type of payment method can be that you find your position demands you work more than 40 hours per week and on holidays. But - You won't get any overtime or double time.

The up-side can be if you're able to get all of your work done, (and done well), in less than 40 hours per week. Because as agreed, you'll get the same amount of money.

While there can be a few more "perks" to getting a Salary, depending on what employers offer, what you've seen here are the basic differences between the two payment methods.

These two types of payment methods have pro's and con's for employers as well. Based on a number of factors to run their business successfully, they decide which positions offer which type of payment.

Bottom line ... As you go about Earning a Living, you'll need to decide for yourself just which of these two types of payment methods works best for you.

And as with all other aspects involved in Earning a Living, take the time to really research the details of any position. Then you can be sure you're making the best choice.

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