What are the benifits of salary pay??

Currently payed weekly and boss has increased my wages and changed me to salary pay.

If you only work your contracted hours or below, then salaried pay is fine. But more than likely you'll be expected to work over your hours and wont get paid for it. If you work out your salary against the hours worked it sometimes ends up being less than you were on origianlly. Its easy for people to say to just work your contracted hours and refuse overtime, but that doesn't happen in the real world.

Salary pay basically just gaurantees that you will work X number of hours each year. You still get paid weekly (or bi-monthly) but any time you work over 40 hours a week you will get overtime.

Instead of just multiplying your wages times the hours you work each month, they divide your yearly salary by the hours you work each month.

Well salaries traditionally were for the office, admin and for senior staff, usually an annual amount and paid monthly. Workers got a weekly wage.... OK your promotion will men more pay, and being paid monthly I would imagine. How you will adjust from weekly to monthly you will have to sort that out, Sometimes company's give loans to help. Also your pay will probably be on a yearly amount, divided by twelve each month, rather than a hourly figure. How this might affect overtime etc, I don't know. Some companies do not pay overtime to salaried employees, Also sometimes there are perks for salaried employees, like private health insurance, and improved pension terms. You will need to establish if any of these things will apply to you/..Whether your pay increase will cover all the other possible disadvantages you will have to see...Study the whole package..

Pros: You get paid even if you take a day off...you know what you paycheck is all the time....whether you have a short or long month...easier to plan ahead for bills and/or savings

Cons: Normally you don't get OT unless if you work something out in your contract....but since you got a pay raise they're figuring that will include OT.