Income is the amount of money which comes to a person or organisation.
Part ofApplications of MathsManaging finance
You can earn extra pay by working overtime. An employer will pay a higher hourly rate to encourage staff to work overtime.
This means you get your usual hourly pay (time) plus half more (and a half).
If you earn \(\pounds6\) per hour, you would get \(\pounds6 + \pounds3 = \pounds9\) per hour overtime.
Haji works a basic \(38\) hour week at a rate of \(\pounds3.80\) per hour.
He is paid time and a half for every hour worked over \(38\) hours.
Find Haji's gross pay in a week when he does \(46\) hours.
Basic Pay \(= \pounds3.80 \times 38 = \pounds144.40\)
Overtime hours \(= 8\)
Overtime rate \(= \pounds3.80 + \pounds1.90 = \pounds5.70\)(This is his normal rate plus half of his normal rate)
Overtime Pay \(= \pounds5.70 \times 8 = \pounds45.60\)
Gross Pay \(= \pounds144.40 + \pounds45.60 = \pounds190\)
This means you get double, or two times, your usual hourly pay.
If you earn \(\pounds6\) per hour, you would get \(\pounds6 + \pounds6 = \pounds12\) per hour overtime.
Gillian works a basic \(36\) hour week, at a rate of \(\pounds4.20\) per hour.
She is paid double time for every hour worked over \(36\) hours.
Find Gillian's gross pay, in a week when she works \(42\) hours.
Basic Pay \(= \pounds4.20 \times 36 = \pounds151.20\)
Overtime hours \(= 6\) (this is \(42 - 36\))
Overtime rate \(= \pounds4.20 + \pounds4.20 = \pounds8.40\)
Overtime Pay \(= \pounds8.40 \times 6 = \pounds50.40\)
Gross Pay \(= \pounds151.20 + \pounds50.40 = \pounds201.60\)