Basic IncomeBasic Income
BonusBonus
CommissionCommission
Direct DepositDirect Deposit
Earned IncomeEarned Income
Exempt vs. Non-Exempt StatusExempt vs. Non-Exempt Status
Fringe BenefitsFringe Benefits
Gross IncomeGross Income
Gross PayGross Pay
Incentive PayIncentive Pay
Living WageLiving Wage
Merit IncreaseMerit Increase
Net IncomeNet Income
Net PayNet Pay
Pay FrequencyPay Frequency
Pay StubPay Stub
Payroll DeductionPayroll Deduction
Profit SharingProfit Sharing
Salary NegotiationSalary Negotiation
Salary SlipSalary Slip
Side HustleSide Hustle
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Merit Increase

Definition

A raise in your salary based on performance or contributions, rewarding your achievements at work.

What to consider

  • Track your performance to be ready for a salary review.
  • Gather evidence of your achievements to support your case.
  • Review feedback to understand areas for improvement.

Real world scenarios

  • After a successful year at work, Rachel was rewarded with a merit increase, which boosted her salary and acknowledged her hard work.

Related terms

Commission
Bonus
Fringe Benefits
Side Hustle
Pay Stub

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