Remuneration Definitions

Electronic service used to pay a wage or salary straight into employee's bank account

BACS

Type of piece rate where output is a sale.

Commission

Non-monetary rewards such as company car and free medical insurance

Fringe benefits

Pay before deductions

Gross pay

An example of deduction

Income tax

Pay after deductions

Net pay

Piece of paper that comes with wage or salary and lists: gross pay, deductions and net pay.

Payslip

Money reward similar to commission but linked to achieving one or more different goals over the year.

Performance related pay

A way that work is measured to gain a wage. Based on number of times employee completes a task common on manufacturing industry. When output is repetitive and easy to measure.

Piece rate

Employee's complete package of material rewards they gain from their employer. Includes pay and any fringe benefits.

Remuneration

Time based money reward where annual amount is agreed and split up into 12 parts. Paid monthly.

Salary

A way that work is measured to gain a wage. A rate of so much per hour for a normal week is usually given. Overtime hours paid at higher hourly rate.

Time rate

Money rewards paid weekly, depends on work done previous week.

Wage