Hi guys, welcome back to our channel. In today's lesson, we were going to talk about three important concepts when it comes to earning money. The salary, wage, and commission. Okay, so let's start. First, let's define the wage. A wage is the money an employer pays an employee for work done or services rendered based on time, task, peace or commission under a written or unwritten contract. So what this means is that wages are the money that an employer pays to an employee. Okay? So we have two types of wages. First the early wage. It is the amount earned for each hour of work. This means that the wager is paid per hour. Got it? Next we also have the daily wage. It is the amount of money a worker earns for each day of actual work. So this is where guys pay their wagers daily. Okay? So it does not include payment for days. The employee did not work. For example, the rest days, holidays or lives. Unless otherwise required by law or employer policy. Got it? So this is common among construction workers, factory workers, part-time service crews. Okay. Next. Wage is usually paid on a weekly basis but it may be quoted in an hourly rate or daily rate of an employee. So to solve for the following wage, remember that wage is equal to early rate times the number of hours worked. Okay? Or it can also be wage equals daily rate times the number of days work. Okay. So let's have our first example. A construction worker earns Php550 per day. He works for 12 days this month. How much is his total salary for the month? Okay. So, to solve for this, let 's first identify the givens. First is his daily rate. So based on this, a construction worker earns Php550 per day. This is his daily rate. Okay. Next, the number of days work. So given that there are 12 days this month. Okay? So to solve for the wage, the formula we will use is the daily rate times the number of days work since the construction worker is paid per day. So let's just substitute daily rate 550 times the number of days work which is 12 days. So 550 * 12 is 6,600. So this is his total salary for the month. Got it? So next let's proceed to the salary. Salary refers to a fixed regular wage typically paid monthly, semi-monthly or weekly especially for professional, managerial or administrative positions. So salary grise refers to regular income. Okay? Which is usually paid monthly. or twice a month. This is usually the end. Got it? So common to guys in teachers, engineers, managers, admin officers, accountants, HR personnel, IT specialists and many other professional jobs. Okay? So the annual salary is the amount is the total amount of money a person earns in one year. Okay. So, usually from a fixed monthly salary, the monthly salary is the fixed amount an employee earns every month. Okay? So, our monthly salary is solved by dividing the annual salary by 12. Al right. So next monthly monthly salary can also be solved by multiplying the daily wage by 24 days. Okay. Next. The semi-monthly salary. It is the amount of money earned by a person twice a month at intervals not exceeding 16 days. This is the fortnightly end in Horan, guys. Okay. Where we can solve it by dividing the monthly salary by 2 months. Okay. So we also have a weekly salary. It is the income received in a week. The salary is weekly. So guys, it can be solved by dividing the annual salary by 52 weeks or we can also multiply the daily wage by 6 days. Okay? So let's have our second example about salary. Mr. Bruno earns 420,000 annually. If he is paid monthly, how much does he get on his paycheck? So first let's identify the givens. We have 420,000. This is his annual salary. Right. So to solve for the monthly salary, all you have to do is divide the monthly salary by 12 months. So let's substitute 420,000 / 12. So his monthly salary is 35,000. Okay. Next. Example 3. A professor in a state university gets a monthly salary of 50,000. How much will he receive if the salary is given semimonthly? So let's identify his monthly salary which is 50,000. Right. So to solve for the semimonthly salary just divide the monthly salary by 2. Okay? So 50,000 divided by 2 is his semimonthly salary of 25,000. Okay guys? Is it being followed? So next, besides salary, we also get paid overtime pay. Overtime pay is the extra pay given for working beyond 8 hours at the rate of an additional 25% of his regular wage. So that means you will be paid more when you work overtime or your early rate will be different when you work overtime. Okay. So, usually work on rest day or special holiday, we multiply the daily rate by 1.3. Okay? This is 30% more than your regular daily rate. Sometimes when you work on a regular holiday, your daily rate is usually multiplied by 2.0. That means double pay. Right? So this happens guys when you work or go to work during a regular holiday. Then you can also work on a regular holiday that falls on a rest day. Here, guys, your daily rate is higher where it is multiplied by 2.60. So that's 160% higher than your regular daily rate. Okay? So the night shift is also paid. The night shift differential is multiplied by the applicable rate by 1.10. Okay? So usually the pay is higher for work between 10 p.m. 6 p.m. Oh, 6 a.m. Okay? So that's between guys, right? This means you have 8 hours to earn night shift differential. Okay? So the examples about overtime pay, we will discuss it in our next video. Okay? So for now, let's proceed to commission income. Commission income is earned as a percentage of sales made. It can be pure or based salary plus commission. So this means this is what you guys earn as a percentage of total sales. Okay? So what are the common jobs that earn through commission in the Philippines? We have real estate agents who earn 2% to 5% of the selling price of the property they sell. Okay. There are also sales representatives, travel and tour agents where they earn money from each booked trip, hotel or tour packages they sell. Okay? There are also loan officers, insurance agents, okay? Where it earns money is from insurance premiums sold, right? In the insurance they sell. that percentage depends on the policy type. Okay? So let's have our fourth example about commission income. JMK works as a sales agent at a furniture store. He earns a basic salary of 8,000 per month plus a 5% commission on all his sales. In one month, JMK sold a total of 100,000 worth of furniture. How much is his total income for the month? Okay. So here, guys, first find out how much Jmark's commission is. Because he has a basic salary of 8,000. So the only thing to do is to just add it. Okay? His basic salary plus commission to get his total income. So our commission is 5% commission on all his sales. So that's 100,000. So we'll take 5% of 100,000. So that's 05 100,000. So let's multiply, guys. We have a commission of Php5,000. Okay? So to get his total income just add the basic salary plus commission. His basic salary we have 8,000 per month plus the commission which is 5,000. So Jmark's total income is Php13,000. Okay. So did you get it guys? Okay. Last we have the peace week earnings. It is based on the number of items or products completed. So here guys, their salary is based on the number of finished products or items. Okay. So, what are the jobs commonly paid by peace work in the Philippines? First, we have sewers, tailors, and embroiderers who are in the garment industry. How are they paid? It depends on the blouse, dress or fans they finished. Okay. We also have sleepers or shoe assemblers. So usually that is paid per pair completed. Okay. In handicrafts, decor makers are paid per item. When printing envelopes or liftlet folders, the price is paid per 100 or 1,000 folded pieces. Okay. In agriculture too, guys, we have the onion, garlic peeler, mango peeler, and many others. So usually that is paid per kilo or crate process. Okay. So let's have our example number five about peace earnings. Carlo works at a fruit packaging company. He is paid Php3 for every mango he packs. In one day, he packed 500 mangos. How much did Carlo earn that day? So here, guys, let's identify what we have given. First, how much is Carlo's rate per piece? So it says here, he's paid Php3 for every mango hex. Okay? So that's his rate. And then the number of pieces completed said 500 mangos. Okay. So to solve for the piece work earnings, all you have to do is just multiply the rate per piece times the number of pieces completed. Okay? So how much is our rate? Php3 times the number of pieces completed which is 500. So we have Php1,500. So Carlo's piece work earnings are Php1,500. there guys and that's it for our lesson today. I hope you understood it. If you have any questions orarifications, just drop a comment below. So, thank you guys for watching. See you in the next one.