Income is money received by an individual or household.
Income can be regular or irregular.
Regular Income
Regular income is income received at set intervals such as weekly, monthly or fortnightly. For example monthly wages or a weekly pension.
Sources of Regular Income
A wage or salary which is payment received for work. This is the main source of income for employees.
Jobseekers Benefit which is a payment made by the government to people who are unemployed and looking for work.
State Pension which is the money that the government pay to people over 65 years of age who have retired from work and no longer receive wages.
Child Benefit which is a monthly payment by the government to parents or guardians of children under 16 years of age or 18 years of age if the child is in full-time education.
Irregular Income
Irregular income is income received from time to time. For example birthday money or a bonus.
Sources of Irregular Income
Overtime which is a payment to employees for any extra hours they have worked.
A bonus which is a payment given to employees at certain times of the year or for reaching a target.
A loan which is a sum of money that is borrowed from a financial institution, such as a bank.
Interest which is the reward a person receives if they save money with a financial institution, such as a credit union.
