For their regular job performance, people get their pay in accordance with employment contract.
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Pay is seen as one of the most important forces in motivating the workforce.
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The money a person receives, including salary, dividends, interest and rent on properties is called income.
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White-collar workers and professionals usually get a salary witch is paid monthly, while blue-collar workers receive a weekly payment called wages.
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Remuneration is a general term meaning payment for work.
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In some jobs (in sales for example), the employee receives a commission, which is a percentage of the amount he or she sold.
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A fee is money paid for the professional services of people such as lawyers or consultants.
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Benefits add to the value of job.
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Apart from salary, an executives compensation package can include bonuses and fringe benefits or perks.
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Many companies operate a bonus system for white-collar and blue-collar workers.
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Bonuses (extra payments) are usually paid against certain work done.
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Fringe benefits or perks are extras received by an employee in addition to wages or salary.
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In managerial position these are usually generous, and are negotiated when a job offer is being made.
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A benefits package may include: a company pension scheme, private medical insurance, company car, share options.
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A company pension scheme is a private pension plan which the employer contributes to.
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Share options give the employee the change to buy shares in the company at an advantageous price.
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There is also a compensation package for an executive leaving a company.
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It is also known as a golden goodbye, golden handshake or golden parachute.
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p.113 Ex.1 Answer the following questions:
1.What is seen as one of the most important forces in motivating the workforce?
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Pay is seen as one of the most important forces in motivating the workforce.
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2.What is income?
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The money a person receives, including salary, dividends, interest and rent on properties is called income.
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3.What does a white-collar worker receive for his work?
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White-collar workers and professionals usually get a salary witch is paid monthly, while blue-collar workers receive a weekly payment called wages.
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4.What does a blue-collar worker receive for his work?
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Blue-collar workers receive a weekly payment called wages.
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5.Where do employees receive a commission?
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In some jobs (in sales for example), the employee receives a commission, which is a percentage of the amount he or she sold.
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6.What is a fee paid for?
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A fee is money paid for the professional services of people such as lawyers or consultants.
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7.What are fringe benefits?
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Benefits add to the value of job.
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Apart from salary, an executives compensation package can include bonuses and fringe benefits or perks.
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8.What may a benefits package include?
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A benefits package may include: a company pension scheme, private medical insurance, company car, share options.
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9.What is a golden handshake?
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It is also known as a golden goodbye, golden handshake or golden parachute.
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10.What are the bonuses usually paid for?
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Bonuses (extra payments) are usually paid against certain work done.
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