Your Payslip
Although your wages are likely to be paid into your bank account, you should get a pay slip explaining the pay that you have received. Your pay slip will have certain headings. This is what those headings mean:
Basic Pay
This is what you will have earned before any additions or deductions.
Overtime
Pay you will receive for additional time you have worker, usually paid
at a higher rate.
Other Payments
You could receive bonus payments for working well or achieving targets
in productivity. Any back pay an employer owes you will be shown as arrears.
Tax Code
This is worked out by the tax office and is sent to your employer so that
they know how much tax to deduct from your pay. When you start work you
will need to complete a Tax return which asks for details of your personal
circumstances during the previous year.
National Insurance Number
When you are 16 years old, you will receive a National Insurance Card with
your personal reference number. Keep it in a safe place!
Personal Reference Number
If you have any enquiries about your pay then you should contact the pay
office at your firm and quote this reference number.
Income Tax Deductions
Your employer will have deducted income tax on the PAYE basis. The tax
deducted will depend on your tax code.
National Insurance Contributions
Both you and your employer have to pay this. The money is used to help
with social security benefits such as sick pay, old age pensions and maternity
allowances.
Pensions
You might have to pay towards a scheme, which gives you extra pension
when you retire.
Other Deductions
Sometimes the deductions are given as a code and you have to look at the
back of your payslip for details. They might include contributions to
a private medical scheme, membership of a trade union or savings scheme
organised by the firm.
Net Take Home Pay
After all the additions and deductions have been made this will be paid
into your bank or handed to you in your pay
Useful Contacts
National Insurance Helpline - 0645 155670
National Debtline - 0121 3598501
