Math Problem Statement
Her annual salary is $72800. A- calculate her weekly wage. B- holiday loading is calculated at 17.5% of four weeks pay, calculate her holiday loading. C- employer Increased her annual salary by 1%. What is the new annual salary. D- the increase in her annual salary is compensation for removing holiday loading. Explain why she is worse off financially with 1% increase.
Solution
Let's break this problem down step by step:
A. Calculate her weekly wage.
To calculate her weekly wage, divide her annual salary by the number of weeks in a year (52 weeks):
So, her weekly wage is $1,400.
B. Calculate her holiday loading.
Holiday loading is 17.5% of four weeks' pay. First, calculate her four weeks' pay:
Now, calculate 17.5% of this amount:
So, her holiday loading is $980.
C. Employer increased her annual salary by 1%. What is the new annual salary?
To calculate the new salary after a 1% increase:
So, her new annual salary is $73,528.
D. Why is she worse off financially with the 1% increase?
With the 1% salary increase, her new annual salary is $73,528, but the increase ($728) is less than what she was receiving as holiday loading ($980).
To explain more clearly:
- Original compensation: $72,800 salary + $980 holiday loading = $73,780 total.
- After the increase: $73,528 (without holiday loading).
Thus, with the 1% salary increase and the removal of holiday loading, her total compensation has decreased from $73,780 to $73,528, meaning she is $252 worse off.
Summary of answers:
- A. Weekly wage = $1,400
- B. Holiday loading = $980
- C. New annual salary = $73,528
- D. She is worse off by $252 because the 1% increase does not compensate for the removal of the holiday loading.
Would you like more details on any part of this? Here are 5 related questions to expand on this:
- What is the equivalent monthly salary for her original annual salary of $72,800?
- How much would her holiday loading be if her weekly wage increased to $1,500?
- What would her salary be if her employer offered a 2% raise instead of 1%?
- If her new annual salary was $75,000, would she be better or worse off compared to having holiday loading?
- What percentage increase in salary would exactly match the amount of holiday loading she received?
Tip: Always compare total compensation (salary + benefits) to understand the true financial impact of a raise or change in benefits.
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Math Problem Analysis
Mathematical Concepts
Percentage Calculation
Salary Calculation
Holiday Loading
Formulas
Weekly wage = Annual salary ÷ 52
Holiday loading = 0.175 × (4 × Weekly wage)
New salary = Annual salary + (0.01 × Annual salary)
Theorems
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Suitable Grade Level
Grades 10-12
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