Salary

Meaning :

Salary refers to the fixed amount of money paid regularly (typically monthly) by an employer to an employee in exchange for their work or services. It generally

includes basic pay and may also include allowances or bonuses.

Example : 

For example, receiving a monthly salary of ₹35,000 for your job illustrates how  salary works in employment.

How to Understand : 

Think of salary as the income you earn through your work efforts.

It is the primary source of money for most individuals, used for living expenses, savings,  and investments.

Your career advancement often influences how your salary increases over time.

Importance :

Salary serves as the main source of income necessary for daily living expenses.

It plays a crucial role in helping you build savings and make investments.

Salary supports your lifestyle expenses, including food, housing, and entertainment.

It is essential for determining your financial planning and budgeting strategies.

A competitive salary enables you to pursue long-term goals, such as buying a home or  investing for the future.