Code: 1.2.2 · Adults
Pay Slips and Income Statements
Descriptors
Knowledge
What you can do at this level
- Kdaily-lifelarge-majority
Understands the entries on a payslip and income statement
- Kdaily-lifelarge-majority
Understands how to access, store and keep track of relevant information regarding a person's income
- Kresiliencedaily-lifelarge-majority
Understands the difference between gross and net income
- Kdaily-lifelarge-majority
Understands that some automatic deductions from pay may be earmarked for building assets/providing rights or paying expenses
Skill
What you can do at this level
- Sdaily-lifelarge-majority
Checks payslips and income statements and files them for future reference
- Sdaily-lifelarge-majority
Checks actual income against expected income and seeks to analyse why they might differ
- Sdaily-lifelarge-majority
Uses gross or net income as appropriate when making decisions
- Sdaily-lifelarge-majority
Takes into account the full pay package, including contributions to savings or insurance where relevant, when comparing current income to alternatives
- Learning outcome types
- K — What you need to know: theoretical understanding and factual information.
- S — What you can do: practical and technical abilities.