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| *Ostroff, Fair and Company>>>Financial Services |
Salary vs. hourly? |
I just recently acquired a new position at a financial institution and was told that I would be making a yearly salary. Having only had hourly positions up until now I'm a little confused as to what this means or what implications this will have on my paycheck/ schedule. In other words, I want to make sure I protect myself from unfair practices. My acceptance letter states that I will receive a set salary "payable in accordance with the company's normal payroll practices and applicable laws" and that they "anticipate my schedule will consist of 40.00 hours per week". Their is nothing in the letter stating that I may be required to work more than 40 hours a week (a concern for me since I am still in college) and honestly, I don't want to end up working enough hours a week to where my hourly salary would end up being equivalent to what I make now per hour with twice the work required... Is anyone in a similar situation and have any advice or anyone know of any good websites for this? most positions higher than entry level are salaried. get used to it. the biggest difference is your schedule. when you're hourly, you punch in and out, accumulating pay every 15 minutes. when you're salaried, the only time you don't get paid is if someone actually takes time away, such as unpaid vacation or unearned sick/personal time Salary is just a way to get slave labor. I have had one of these types of jobs before and it ain't fun. Basically it means that you have to work as long as they want with no extra compensation. Very unfair. Use the college excuse if you must to get out of the extra work. Tell them you have a big project you have to work on after your regular 8 hours. This is what is wrong with corporate America. People should be paid for their time. Its just corporate America's way of making you more "efficient". This means they are paying you a little more ,but you are doing the job of at least 2 people. You need to find out whether you are salaried exempt or salaried non-exempt. If you are salaried non-exempt, it means you receive a set salary each pay period, plus you will be paid for any overtime you work (over 40 hours per week). If you are salaried exempt, this means you will receive a set salary no matter how many hours you work a week - it could be less than 40 or it could be more than 40. Generally exempt employees are considered professionals, so basically you are being entrusted to do your job no matter how many hours it takes you. You can be required to work as much as needed in order to get the work done and the company doesn't have to pay you overtime. The wage is usually higher than an hourly pay rate but lower than overtime pay. It is perfectly legal and you should know what you are getting into before accepting the position. I have been on a salary for a couple years now and I prefer it to hourly pay because I can work hard and not put in overtime to get a higher pay but there have been 50 hour plus weeks during busy seasons. Hourly, If you can work more to earn more. Earn Money Online! http://paidforwritedown.blogspot.com... NO Investment! NO Loss! Complete FREE Guide. whatever ur yearly salary is say 40,000 now divide it by 52 weeks (# of weeks in a year) it will give u what ur weekly earning with be (before taxes) which would be 769 per week, divide that by 40hrs which would be ur hourly pay estimate 19 and hr. everyones salary breaks down to some sort of hourly. by accepting a yrly salary if u exceed your 40hrs (work overtime) then ur hrly + half (time and a half) would equal ur additional overimte/bonus to your check. make sure all the terms of your agreement are stipulated before you sign it. dont be afraid to askwquestions with the human resource director to get everythign clarified. |
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