This post goes explains the concept of annual leave loading and bonuses as part of the Prelim Standard Maths Course.
What is Annual Leave Loading and Bonuses?
Annual leave loading is a payment calculated as a fixed percentage of the normal pay (usually 17.5%) over a fixed number of weeks.
Holiday leave = 17.5 x normal weekly pay x number of weeks leave
A bonus is an extra payment or gift earned as a reward for achieving a goal. It is paid in addition to the normal income, as it is an incentive for employees to work harder.
How do we Calculate Annual Leave Loading and Bonuses?
The video below explains the difference between annual leave and bonuses and how to calculate the percentage involved.
How to Calculate a Bonus by Calculating the Percentage of an Amount
The video below explains how to calculate a bonus by calculating the percentage of a salary.
How to Calculate Holiday Loading
The following video explains how to calculate holiday loading in greater detail.
Want to learn more? Check out more of our Preliminary Standard Maths resources here!