If you’re anything like the rest of the world, you’re going into your first job knowing very little about the technicalities of being an employee. How leave days work, when sick days actually count as sick days and whether you will be sitting at your desk from 8 to 5 or you have a job that allows flexible hours. All these differ from job to job but there’s one thing that rarely changes, that’s your payslip.
Here are five things to remember when getting your payslip.
This is the amount of money you’re earning before all the deductions are taken into consideration. If we’re being honest the only gross thing about this is that it’s not the money you get to take home.
This is the salary you actually get to take home. After deductions have been made, such as UIF, PAYE and any other deductions your company deems compulsory. This can be your pension fund, medical aid and maybe a little something for all the food you’re finishing in the company cafeteria.
This is the Unemployment Insurance Fund. This fund is made up of a monthly contribution of 1% made by your employer and 1% made by you. UIF makes sure that if you are unemployed after having contributed, you can claim from the fund. This is great because that money can hold you down until you find your next job! Keep in mind, you can only claim from the fund if you have contributed in the past 6 months.
Pay As You Earn is the tax that your employer will deduct from your salary and pay SARS every month. Pretty straightforward, right?
Now that you’re a know it all, make sure to share the knowledge. Click here to download our Banking for Young Medical Professionals toolkit for more information.