Salary or wages?

[Musiclover08]

I thought that I would ask for some advice from the MyBB community seeing that there are some well clued up people here.

I am in the process of changing jobs and at my old job, I was paid weekly wages. At the new place, they are proposing a monthly salary which I am not opposed to but I would like some advice regarding it. Is it possible to get my salary, less deductions paid to me on a weekly basis? (I.e nett amount divided by 4) Would this affect tax in any way or would it be better to get a lump sum?

I feel that I am able to budget and spend better being paid on a weekly basis than having all my cash paid on one day.

 

[SoulTax]

I thought that I would ask for some advice from the MyBB community seeing that there are some well clued up people here.

I am in the process of changing jobs and at my old job, I was paid weekly wages. At the new place, they are proposing a monthly salary which I am not opposed to but I would like some advice regarding it. Is it possible to get my salary, less deductions paid to me on a weekly basis? (I.e nett amount divided by 4) Would this affect tax in any way or would it be better to get a lump sum?

I feel that I am able to budget and spend better being paid on a weekly basis than having all my cash paid on one day.

I dont think it is possible really. Most companies that run Salary payschemes are doing so because of the HR and Payroll aspects of it. Can always ask.

And what is to stop you from simply dividing your budget into quarters yourself?

 

[MickeyD]

I thought that I would ask for some advice from the MyBB community seeing that there are some well clued up people here.

I am in the process of changing jobs and at my old job, I was paid weekly wages. At the new place, they are proposing a monthly salary which I am not opposed to but I would like some advice regarding it. Is it possible to get my salary, less deductions paid to me on a weekly basis? (I.e nett amount divided by 4) Would this affect tax in any way or would it be better to get a lump sum?

I feel that I am able to budget and spend better being paid on a weekly basis than having all my cash paid on one day.

Simple answers...

Weekly salary - No, payroll issues.
Impact on tax - None.

 

[mike6870]

wages=get paid for 52 weeks of the year
salary (12x4=48) =get paid for 48 weeks work while actually working for 52 weeks

This is why companies introduced an annual "bonus/13th cheque" back in the old days when converting from weekly to monthly pay system, but you had actually already earned that money....shysters

 

[SoulTax]

wages=get paid for 52 weeks of the year
salary (12x4=48) =get paid for 48 weeks work while actually working for 52 weeks

This is why companies introduced an annual "bonus/13th cheque" back in the old days when converting from weekly to monthly pay system, but you had actually already earned that money....shysters

True about the 13th cheque. That is why if a company offers you 130 000 CTC and pays you 10k per month with a 13th cheque, you should tell them to stick it and rather give you 130 000 / 12 each month. The 13th cheque model makes it so that you get seriously shafted if you leave the company on any other month than the end of December.


Not true about simple salary structure though. A Salary structure should really be your CTC divided by 12, end of story. Because you get paid at the end of a month, not every 4 weeks. The 13th cheque is an antiquated salary structure that anyone and everyone with half a brain should refuse.
Especially because companies that use that structure will often "pretend" as though it is a bonus that they give you out of the goodness of their hearts. Or a performance bonus that they have the right to withhold. Seriously, say no to 13th cheque salary structures.

 

[Musiclover08]

I dont think it is possible really. Most companies that run Salary payschemes are doing so because of the HR and Payroll aspects of it. Can always ask.

And what is to stop you from simply dividing your budget into quarters yourself?

This is something I will ask and also consider. I suppose because I am so used to wages it seems more of a step back to be paid in one lump sum but your comment makes sense.

Simple answers...

Weekly salary - No, payroll issues.
Impact on tax - None.

Excellent I was worried about the tax aspect but logic says that there ahould be no change.

wages=get paid for 52 weeks of the year
salary (12x4=48) =get paid for 48 weeks work while actually working for 52 weeks

This is why companies introduced an annual "bonus/13th cheque" back in the old days when converting from weekly to monthly pay system, but you had actually already earned that money....shysters

It's sad that so many people don't work this out in the beginning.

True about the 13th cheque. That is why if a company offers you 130 000 CTC and pays you 10k per month with a 13th cheque, you should tell them to stick it and rather give you 130 000 / 12 each month. The 13th cheque model makes it so that you get seriously shafted if you leave the company on any other month than the end of December.


Not true about simple salary structure though. A Salary structure should really be your CTC divided by 12, end of story. Because you get paid at the end of a month, not every 4 weeks. The 13th cheque is an antiquated salary structure that anyone and everyone with half a brain should refuse.
Especially because companies that use that structure will often "pretend" as though it is a bonus that they give you out of the goodness of their hearts. Or a performance bonus that they have the right to withhold. Seriously, say no to 13th cheque salary structures.

Makes sense, I think I will need to make it very clear at the next meeting. I work for 52 weeks, I need to be paid for 52 weeks!

 

[^^vampire^^]

This is something I will ask and also consider. I suppose because I am so used to wages it seems more of a step back to be paid in one lump sum but your comment makes sense.

Excellent I was worried about the tax aspect but logic says that there ahould be no change.

It's sad that so many people don't work this out in the beginning.

Makes sense, I think I will need to make it very clear at the next meeting. I work for 52 weeks, I need to be paid for 52 weeks!

Just work out how much you get paid in a year and tell them you want that + x amount. Then you're getting more at the end of the day. How you're still working on a 4 week basis is beyond me. I can understand your logic behind it but almost everything else works monthly. To match weekly payments to mismatched months must be an absolute nightmare.

 

[AntiGanda]

Might the change also affect how much notice they have to give you?

 

[Akasha]

There's a girl at my work who gets paid weekly. Last year she wasn't included in all the fun stuff the company did because she didn't want a monthly salary. She also didn't get a 13th cheque. Not really fair towards her but also not fair towards the 100s of other people being paid monthly while she gets paid weekly

 

[Musiclover08]

Might the change also affect how much notice they have to give you?

In the sense of firing/retrenchment? It does seem plausible but I think the contract stays the same for wages or salaries.

There's a girl at my work who gets paid weekly. Last year she wasn't included in all the fun stuff the company did because she didn't want a monthly salary. She also didn't get a 13th cheque. Not really fair towards her but also not fair towards the 100s of other people being paid monthly while she gets paid weekly

Well in terms of wages she was paid for 52 weeks so the 13th cheque for her would have been a bonus. As some guys posted above salaries only work out to 48 weeks. Salaries do have their perks but it depends if they are worth it, working past 40/45 hours will not result in overtime on a salary but in wages you get that extra cash.

I guess the perks need to outweigh the cons

 

[Former member 61586]

wages=get paid for 52 weeks of the year
salary (12x4=48) =get paid for 48 weeks work while actually working for 52 weeks

This is why companies introduced an annual "bonus/13th cheque" back in the old days when converting from weekly to monthly pay system, but you had actually already earned that money....shysters

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