Pay Slips And Income Statements

Definition

Pay Slips And Income Statements. In the context of the Financial Competence Framework, Pay Slips And Income Statements is a topic in the Money And Transactions subject matter domain.

Competences

Mastering the role of Pay Slips And Income Statements in financial literacy context requires the following competences:

Code	Competency Description	Competency Type
26	Understands the entries on a payslip and income statement	Knowledge
27	Understands how to access, store and keep track of relevant information regarding a person's income	Knowledge
28	Understands the difference between gross and net income	Knowledge
29	Understands that some automatic deductions from pay may be earmarked for building assets/providing rights or paying expenses	Knowledge
30	Checks payslips and income statements and files them for future reference	Skill
31	Checks actual income against expected income and seeks to analyse why they might differ	Skill
32	Uses gross or net income as appropriate when making decisions	Skill
33	Takes into account the full pay package, including contributions to savings or insurance where relevant, when comparing current income to alternatives	Skill