Ch 23 - Key terms 0.0 / 5 ? Business Studies-IGCSENone Created by: a f.vCreated on: 21-11-14 14:23 Bonus system a payment in addition to the basic wages for reaching targets or in recognition for services 1 of 10 Commision A payment based on the value of sales, usually a percentage of sales made 2 of 10 Gross pay Pay before deductions 3 of 10 Net pay An employee's take home pay, i.e. pay after deductions such as income tax and pension contributions 4 of 10 Overtime A rate of pay above the normal rate to compensate employees for working extra hours. 5 of 10 Performance related pay A payment system designed for non-manual workers where pay increases are given if performance targets are met 6 of 10 Piece rate A payment system where workers receive an amount of money for each unit produced 7 of 10 Profit sharing Where workers are given a share of the profit, usually as part of their pay 8 of 10 Salary Pay, usually to non-manual workers, expressed as a yearly figure but paid monthly 9 of 10 Time rate A payment system based on the amount of time employees spend at work 10 of 10
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