Salary and Wages

Salary

a fixed regular payment normally paid monthly or every two weeks to an employee for services rendered

Wages

fixed regular payment usually aid on daily or weekly basis to an employee for manual or skilled laborers, an be earned hourly, daily, or piecework basis

Income

amount received by an employee in exchange of work or services rendered to a company, usually monthly or annual income can also be in gross or net form

Benefits

additional priviledge given to employees

Gross earning or income

an amount derived in exchange or work rendered or services done

Net earning or income

an amount derived after deducting the mandatory and other deductions that result to reduced amount

Overtime pay

pay given to employees for works more than required number of hours set by the labor law

Holiday pay

non-working regular holidays, employees are entitled for daily basic wage, if it falls on regular it doubles basic wage, on holidays and rest days employee receives 260%

Night shift differential

additional pay to employee if work is done between 10pm to 6pm

Allowances

additional money paid to employees on top of their basic salary or wage, often for specific purposes or to cover certain expenses