GROSS PAY - This is full amount of money you are paid before any tax or national insurance is taken away (deducted)., NET PAY - This is the amount of money you get when tax and other deductions have been taken away., TAX CODE - This is a code given to you by HM Revenue & Customs (HRMC). This tells your employer how much money to take away from your salary. It normally changes in April of each year., NATIONAL INSURANCE NUMBER - You are given and NI number when you are born and you will have it for all your life. You need it to work in the UK and it is your personal number., STUDENT LOAN - If you have applied for a loan for college or university, the money will be deducted from your salary. HRMC will tell your employer how much to pay., TAX PERIOD - You might see this on your payslip. The financial year starts on the 1st April and this is normally when new tax periods start., PAYSLIP DATE - This is the date the money from your salary, goes into your bank account, BASIC SALARY - This is the gross amount you are paid. This term is used because the organisation wants to show the difference between your normally salary and any overtime money you have been paid., PENSION - Everyone has to pay money towards the money that they can have when they retire. You can decide that you do not want to pay towards the company’s pension scheme and ask to ‘opt out’.,

Financial Awareness

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