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Salary Band
FinanceSource: Payroll structure adapted for this curriculum
A pay level that sets how much someone receives in a salary system.
Example
In a learning game, Band 1 pays $100 each week and Band 2 pays $120. Moving bands changes the weekly pay amount.
How it fits in
Salary bands group pay into levels instead of making every person a separate case. In the Wealth simulator, the learner's platform level chooses the salary band. Higher bands can increase gross salary and net pay.
Where this is taught
Practise it on the platform
Related terms
Compound Interest
When the money you earn from saving starts earning its own money on top.
Simple Interest
Interest paid only on the original amount, never on the interest you have already earned.
Needs vs Wants
Needs are the things that keep you safe and well. Wants make life nicer. Mixing them up is what empties most budgets.