Grade 11 General Math | Salary Wage Overtime Pay and Commission | Weekly and Monthly Wage First Term

Wages are monetary earnings paid by an employer to an employee for work done, which can be hourly or daily. Salary refers to a fixed, regular wage, typically paid monthly, semi-monthly, or weekly, especially for professional or managerial positions. While wages are often hourly or daily and can fluctuate, salaries are usually fixed amounts. In the Philippines, a standard workday is 8 hours.

Annual salary is the total money earned in a year, calculated by multiplying fixed monthly salary by 12. Monthly salary is a fixed amount earned every month, which can be calculated by dividing the annual salary by 12. Semi-monthly salary is earned twice a month, not exceeding 16-day intervals, usually by dividing the monthly salary by two. Weekly salary is income received per week, computed by dividing the annual salary by 52 weeks or multiplying the daily wage by 6 days.

Overtime pay is extra compensation for working beyond 8 hours, typically at an additional 25% of the regular wage. Specific rates apply for work on rest days or holidays: 1.30 times the daily rate for special holidays, 2 times the daily rate (double pay) for regular holidays, and 2.60 times the daily rate for regular holidays falling on a rest day. Night shift differential applies to work between 10 PM and 6 AM, offering higher earnings.

Commission income is a percentage of sales made, which can be purely commission-based or a combination of salary plus commission. Piece-work income is earned based on the number of items or products completed, common in manufacturing or sales where compensation is tied to output.

The video provides examples of calculating weekly wages. Money, a dishwasher, earns Php 80/hour for 8 hours/day, 5 days/week, totaling Php 3,200 weekly. Venus, a fast-food crew member, earns Php 95/hour for regular hours and Php 125/hour for overtime. If she works 40 regular hours and 6 overtime hours, her total weekly wage is Php 4,550. Stephen, a delivery helper, earns Php 400/day for 6 days/week plus a Php 500 weekly food allowance, resulting in Php 2,900 weekly.

Jason, a public school teacher, has an annual salary of Php 322,400. Paid weekly, his weekly earnings are Php 6,200 (Php 322,400 / 52 weeks). Mr. Hubson, a car sales agent, has a base annual salary of Php 260,000 and a 2% commission on sales. If he sells Php 600,000 worth of cars in a week, his weekly income combines his weekly base salary (Php 5,000) and his commission (Php 12,000), totaling Php 17,000.

Melissa, a cashier, earns Php 570/day, working 6 days/week for 4 weeks/month. Her monthly wage is Php 13,680 (Php 570 * 24 days). Jona, a sales promoter, earns a daily wage of Php 620, a monthly transportation allowance of Php 1,000, and a 2% commission on sales. If she works 26 days and makes Php 80,000 in sales, her total monthly earnings are Php 18,720 (monthly wage + commission + allowance).

Gwen, a public school teacher, earns an annual salary of Php 360,000. Her monthly salary is Php 30,000 (Php 360,000 / 12 months). If she allocates 30% of her salary to savings, she saves Php 9,000 each month (30% of Php 30,000).

The video concludes with exercises that allow viewers to apply the concepts learned. One problem compares two job offers, Work A with Php 19,500 monthly income (including allowance) and Work B with Php 20,000 monthly salary. The discussion advises considering non-taxable allowances and actual take-home pay. Another problem involves calculating monthly leftover income and savings goals, offering advice to place emergency funds in an interest-bearing savings account.