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Salary is paid for the efforts that one puts in and PLI is paid for the results. Salary is paid in short, definitive cycles (e.g., weekly, monthly, fortnightly etc.) while PLI is paid in a longer cycle of monthly, quarterly or half-yearly, yearly.
Compensation can be any form of monetary such as salary, hourly wages, overtime pay, sign-on bonus, merit bonus, retention bonus, commissions, incentive pay or performance-based compensation, restricted stock units (RSUs) etc [2] Benefits are any type of reward offered by an organization that is classified as non-monetary (not wages or salaries ...
It would take you 60 months (or five years) of $266.67 monthly payments to pay off the balance, and you’d end up paying $5,823.55 in interest over that time — about 37% of your total payments.
For example, if the interest rate given is the effective annual interest rate, but cash flows are received (and/or paid) quarterly, the interest rate per quarter must be computed. This can be done by converting effective annual interest rate, , to nominal annual interest rate compounded quarterly:
In effect, the salary would be re-evaluated up, or down, periodically (usually annually) based on the performance of the individual or team. The reward is the salary: with an expectation to be high on the pay band for high performance and low on the band for low performance.
This could increase your annual wage. For example, if you earn $25 per hour and sell three vacation weeks to your employer, you’ll increase your yearly earnings by $3,000 (40 hours X $25 X 3 weeks).
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