Types of Payment

Types of payment

1. Payment by time

Payment by time is the type of payment in which the employee is paid according to the real working time at the company:

• Monthly salary is the salary paid fixedly each month based on the employment contract.
• Weekly salary is the salary paid for one working week, calculated by monthly salary multiplied by 12 and then divided by 52.
• Daily salary is the salary paid for one working day, calculated by monthly salary divided by 26.
• Hourly salary is the salary paid for one working hour, calculated by daily salary divided by the standard number of working hours ( 8 per day or 40 per week).

2. Payment by results ( or by products):

Payment by results is the type of payment in which the employee is paid based on the number and quality of the product he (or she) produced.

3. Payment by work:

This is the type of payment in which the employee is paid according to the amount and quality of work he (or she) is required to do.

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