Regular income is received on an ongoing basis and timing and amounts involved tend to be predictable.
1. Wages and Salaries Salaries are paid fixed amount per period like 30th day of every month while wages are money received for a pay rate per hour from rendering a service
2. Pensions Pensions are money granted by the government or private comprises upon one's retirement from service.
3. Short Time Work Support Short time work support is a form of Jobseeker's Benefit and an income support payment if you have been temporarily placed on a shorter working week.
4. Fees from Services Fees from services are money paid to a professional person or group of people in exchange for advice or services.
5. Pees from Rent Pees from rent are money paid by a lessee on a regular basis and in the same amount.
IRREGULAR INCOME
irregular income is far less predictable and will only be received from time to time. There is also less certainty about the amounts involved.
1.Over time payment over time payment is the amount received by a worker for working beyond regular hours. This depends on the agreement between the employer and the employee.
2.Bunos payment Bunos payment is an amount given in addition to a regular income as a reward for good performance or for a number of years of service rendered.
3.Commission commission is an incentive pay to certain individual from insurance,selling real estate,appliances and educational plans.
4.Profit profit is a financial gain earned from operating a business.
Guide Questions: 1.What is family income? 2.What are the two (2) classifications of income? How do they differ? 3.Enumerate the sources of family income? 4.Is it important to have a stable source of family income? Why?
