Goodbye pocket money, hello money in your pocket. Your first pay slip is something to celebrate. It’s a sign you’re officially part of the workforce and earning an income of your own.
Your first job is a big deal. Whether it’s at Macca’s, your local supermarket or your first full-time graduate position, there’s a real sense of pride and accomplishment when you start going to work. There are also great benefits: new friends to be made, new skills learn and of course, a brand-new income.
Introducing your very first pay slip
Exciting times. Your pay slip can be digital or hard copy, and ensures that you receive the correct pay and entitlements (such as overtime and penalty rates) as per your contract.
What’s on a pay slip?
Your pay slip includes the essentials like your name, tax file number and the relevant pay period. If you’re paid an hourly rate, it will show how many hours you have worked each pay period – be sure to check you’ve been paid for the right hours.
Your pay slip will also show your before-tax pay (or gross pay) as well as the tax your boss has withheld, and your after-tax (net) pay for the period. The net pay figure should correspond to the amount that has been deposited into your bank account.
You should also come across superannuation contributions on your pay slip. Super is money that’s put aside and saved while you’re working, so you can enjoy a regular income later in life when you retire.
It’s important you check your super account to see that these contributions match what’s on your pay slip. Employer super contributions need to be paid at least quarterly so there can be a time delay before the boss’s super contributions reach your fund.
When will I receive my pay slip?
Your employer must give you your pay slip within one working day of payday, even if you’re on holiday or off sick. However, it’s often the finance department who processes your pay, not your boss, so if something is wrong or you have a query, you may need to contact finance.
You’ll also find different jobs have different pay cycles; some jobs pay weekly, fortnightly or monthly – so you may not be paid on the same day as your friends.
Want to know more?
If you believe your pay slip is incorrect in any way, speak with your employer. Or to find out more about understanding your pay slip visit the Fair Work Ombudsman website.
This article is prepared based on general information. It does not take into account individual financial objectives or needs and is not financial product advice.