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What is hourly and yearly pay?

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Narina’s Answer

Hi Levi, this is a good question and important to understand. Hourly pay is the rate paid per hour of your work. A yearly pay or said differently - annual salary is a is a specific amount of compensation paid per year for your work. The main difference between the 2 is overtime pay. When you are paid hourly you are eligible to receive an overtime pay if you worked more than 40 hours a week (average). Salary covers all the number of hours worked, including overtime, so no extra pay will be received by salaried workers. But in favor of salaried employees companies typically offer them more benefits including vacation pay, contribution to cover their insurance premiums etc.
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