Salaries and wages:
employees earned salaries that have not yet been paid at the end of each accounting period.
Employee entitlements:
The collective term for benefit entitlements that employees accumulate as a result of the rendering of their services to an employer up to the reporting date. Employee entitlements consist of superannuation, annual leave and long service leave.
» Superannuation: is a certain percentage of employees’ total wages to fund their retirement.
» Annual leave: is paid leave that accrues to the employee for each year of service.
» Long service leave: is the extended leave awarded to an employee after serving a number of years paid employment.
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