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A pay scale (also known as a salary structure) is a system that determines how much an employee is to be paid as a wage or salary, based on one or more factors such as the employee's level, rank or status within the employer's organization, the length of time that the employee has been employed, and the difficulty of the specific work performed.
Pay bands (sometimes also used as a broader term that encompasses several pay levels, ranges or grades) is a part of an organized salary compensation plan, program or system. In an organization that has defined jobs, pay bands are used to distinguish the level of compensation given to certain ranges of jobs to have fewer levels of pay ...
A pay grade is a unit in systems of monetary compensation for employment. It is commonly used in public service, both civil and military , but also for companies of the private sector. Pay grades facilitate the employment process by providing a fixed framework of salary ranges, as opposed to a free negotiation.
An example of a payslip from the John Lewis Partnership, showing gross salary, tax and National Insurance paid and yearly bonus entitlement, among other things. A paycheck, also spelled paycheque, pay check or pay cheque, is traditionally a paper document (a cheque) issued by an employer to pay an employee for services rendered.
Salary can also be considered as the cost of hiring and keeping human resources for corporate operations, and is hence referred to as personnel expense or salary expense. In accounting, salaries are recorded in payroll accounts. [1] A salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed.
The increases between steps for Grades GS-1 and GS-2 varies between the steps; for Grades GS-3 through GS-15 the increases between the steps are the same within the grade but increase as the grade increases. The table is revised effective January of each year (officially, the first full pay period which begins in January) to reflect the basic ...