Salary, your future income!

Salary, your future income!

Having discussed in the previous section of Woli Academy about income, in this short article we will refer to the salary that will be your main source of income in the coming years of your life.

What exactly is a salary and what are its types? 

In general, salary is the money (some rarer times can also be goods or services) that a person earns in exchange for the work he offers. The salary is the payment of the employee by an employer following an agreement they have made with each other. It is useful to know that a person’s salary is usually set on the basis of the remuneration received by people who do the same or similar work in a particular profession. 

Salary can be divided into three types. A monthly salary, where the employee is paid monthly for the services he has offered during this time. There is also the daily wage, where someone is paid accordingly for each day he worked in a pre-agreed period of time (eg: a week or a month). Finally, another type of salary is hourly wages. Here the employee is paid for his work by the hour.

A very important piece of information about your future professional life is that when we talk about salary, we usually mean gross salary. The gross salary is not the net – payable money that will arrive  “in your pocket” but also includes the various taxes held by the employer to cover the insurance contributions and various other social obligations of the employee. So, when you want to calculate how much money you will receive net from a specific job, you will have to deduct from the gross salary the various deductions that will be attributed to you. 

Hey! Do not forget that from an early age, in consultation with your parents, you can increase your income and learn how to earn by completing certain “Tasks“, a feature which is already offered in your Woli app. Good luck with that!