• How do people get paid for work?
• What’s the difference between different types of jobs?
• Have you heard terms like “salary” or “hourly rate”?

Think about:

• Your parents’ jobs
• Part-time work you’ve seen
• Different ways people earn money

Wage: Payment based on hours worked, usually per hour or per day

Salary: A fixed yearly amount, regardless of hours worked

Examples:

• McDonald’s worker: $22/hour
• Shop assistant: $18/hour
• Teacher: $75,000/year
• Manager: $95,000/year

Example 1: Jamie works at a café

• Earns $18 per hour
• Worked 25 hours this week

How much did Jamie earn this week?

Example 2: Alex is a teacher

• Earns $75,000 per year
• Works different hours each week

How much does Alex earn per week (Use 1 year = 52.18 weeks)?

1. Morgan: $16.50/hour, 38 hours
2. Casey: $24/hour, 30 hours
   
3. Taylor: $22.50/hour, 20 hours

4. Nurse: $68,000/year
5. Engineer: $105,000/year
6. Social worker: $58,000/year

Sam has two job offers:

Job A: $22/hour, 35 hours per week guaranteed

Job B: $40,000 per year salary

Which job pays more per week?

Your turn:

Work out how much each job pays per week

Consider: What are the pros and cons of each type of pay?

Advantages of Wages:

• Extra hours = extra pay
• Flexibility in hours
• Paid fairly for time worked

Disadvantages of Wages:

• No guaranteed income
• Fewer hours = less money
• No pay if you don’t work

Advantages of Salary:

• Predictable income
• Paid during holidays/sick days
• Often comes with benefits

Disadvantages of Salary:

• Extra work ≠ extra pay
• Fixed income regardless of effort
• May work unpaid overtime