The Importance of Managing Money
Classes:
Introduction > Take the Test > Where Do You Get Your Money? > How To Handle Money > Budgeting and Saving > Conclusion
Where Do You Get Your Money? > Why is it important to know my income? > How can I figure out my income? > How much should I be paid? > How much should I be paid? > Paycheck
How much should I be paid?
There is no easy answer to this question. How much you are paid for a job depends on many things including your education, your experience, what type of job you are doing, where you are living, and what others in similar jobs are making. However, the United States government does have some basic laws that guarantee you at least the following rights.
- Minimum Wage - The federal government requires that every person be paid at least $5.15 an hour, unless they are working at a job where tips are a large part of their income (such as waiting tables or tending bar.)
- Overtime Pay - If you are paid hourly and work more than 40 hours a week, usually your employer is required to pay you one and one-half times your regular hourly rate for each hour after 40 hours. For example, if you make $6 an hour and work more than 40 hours a week, you should be paid one ($6) plus one-half ($3) or $9 an hour for each hour after 40 hours. Your employer does not have to pay you overtime for working on weekends, late nights, or holidays, unless you have already worked 40 hours. However, you may want to discuss special pay or compensation with your employer if they are asking you to work odd hours. It is always helpful to check to see if you will be required to work overtime or odd hours on a job, and if so, if you will be paid extra for those hours.
- Benefits - Many companies have benefit plans that include paid holidays and vacations, life insurance, medical care coverage, and disability insurance. Others may offer benefits such as retirement plans, counseling and wellness programs, educational assistance, and childcare assistance. Benefit plans differ depending upon the type of company and whether you are a full- or part-time employee.
- Fair and Equal Treatment - It is your right to receive the same benefits (salary, vacation/holiday, overtime, or other special compensation) as others employees with similar experience, education, and positions. You should not be discriminated against based on your age, gender, or disability.
To find out more about your rights as an employee, visit the United States Department of Labor and the Americans With Disabilities Web sites.
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