How popular is salary lottery in your workspace?

[shinratensei_]

It sounds like saving but with extra step and the lucky people got their saving upfront but still need to pay.
Never heard it happened in my work place honestly. The one problem that I can see in this mechanism is you're trusting the middle man and other member way too much, what if they don't want to pay after receiving the money? that's a huge concern and risk right there.

Personally I just gonna save my money and wait for 6 month than having those risk.
Maybe smart contract can come into play for something like this, automatically sending salary to contract address to keep participant from not paying but even then there's also implication here and there.

[Oluwa-btc]

In my region, salary lotteries are very popular in many workplaces. I don't know what's the exact English term for his but we call it that name. The purpose of salary lottery is that 5-6 employees collect together and they play lottery. The first winner gets the salary of every worker, in the next months the second winner gets everyone's salary and that's it. There isn't a random winner, everyone gets their salary back but the fate of who is the first person to receive the salary is decided via a simple coin flip.

This is totally absurd, and I wonder why people can be very callous in risking their salaries for lottery purposes that's a sign of indiscipline and an irresponsible act. Things as these ain't meant to be played with especially when you're not sure of your fate in winning and then each month you lose your hard earn salary to lottery all for fun that's totally out of place.

[shield132]

We used to have similar things but it was never the 100% of the salary. It was like 25% of everyone's salary pooled and 1 member got it mostly through common decision or lottery. When a member claimed they have the need and other members agree on it, he/she got the first priority. When there are multiple people demanding it, they would go through a lottery. At the end everyone would get their money back some sooner while some later.

What is this thing called in your country? Contribution or salary lottery? I've also heard cases when it wasn't 100% of the salary, that's mostly done in those who are above 30-40 and have to take care of families but mostly it's 100%, especially among young people, because when they work, their parents still give them some money and their job is only an extra source of income for them to spend money in whatever they wish.

I've also heard cases when someone needed money the most and they were demanded first by the decision of other co-workers. I wonder where you are from.

But this is completely stopped now and is replaced by something more like a bank. Even today a portion of the salary is pooled, there is a minimum and maximum you could put to the pool and employee could decide the amount. The members could ask for loans which are provided at a fixed interest rate. 12% in our case. The amount they can demand is also not unlimited, all they can ask for is 200% of their savings+2 months salary.

The interest collected is also pooled and at the end of the year, the interest is distributed according to contribution. There are no fixed returns but it ranges 5-10%, which are better than what banks provide. The interest on loans are higher than bank but there's no paperwork and need to put collateral so there's always not enough liquidity to loan. The getting of interest is also secured as no one is allowed to transfer out without paying their due and our office could held back amounts even if people retire.

Do you mean that employees collect money for co-workers and this co-worker pays them back at an interest rate? Is it okay in your country to ask for an interest rate to a co-worker? In my country, you can't do that.

[bitbollo]

I have never read about such "Lottery" in my country or even in any wester country.
Personally I don't see nothing good... workers can leave a company imagine 6 months how it can be a long time in a "competing" industry
I don't even see any potential benefit... having so much cash for what? buying more btc? buying more stuff? and maybe the next months there are no earnings?
Well, I will not play for sure

[CageMabok]

This is totally absurd, and I wonder why people can be very callous in risking their salaries for lottery purposes that's a sign of indiscipline and an irresponsible act. Things as these ain't meant to be played with especially when you're not sure of your fate in winning and then each month you lose your hard earn salary to lottery all for fun that's totally out of place.

What you said is quite right because I also consider the lottery as a mere entertainment that has no other benefits in it so when there are people or close friends who want to play the lottery, I always advise them to use cold money that they do not use for other things so that when the money is lost in the lottery they are not so frustrated. This means that the lottery must be played with money that is specifically for him and there must be a limit so that there is no addiction to hoping for the lottery. Because everyone is strongly discouraged from trying their luck in the lottery or in parts that are less certain to give them benefits.

[Hanadawa]

of course it does not belong to gambling board, people thought its a gambling post simply because  op mention lottery, perhaps it doesn't have anything related to gambling. the op would have just make the post without involving lottery because this is just a contribution that involve coin flip to know who to take first.

Yes, it has nothing to do with gambling at all. I will not blame the OP for including lottery, although definitely it has nothing to do with lottery, but I will blame the people that just read the topic title and just concluding that it is lottery and post that it belongs to the gambling board which is absolutely not correct. This are the kind of people that will read news headlines and make conclusions which can turn the news into something of another meaning. They should not just read the topic title but also read the topic post.

I was curious when OP mentioned salary lottery because it was my first time hearing about it. But when I read the whole topic I saw that it is not gambling but something like a turn to get everyone's salary. I really regret people who just read the title and then concluded that this is gambling. Yes I get what OP meant. This kind of thing does not exist in my country. But I think we have something similar. Instead of taking the whole salary in my country an employee can join a weekly or monthly contribution where you can take the whole contribution fund according to the order. For example if you are paid $100 then you can join a monthly contribution of $20. If there are 10 employees then the total contribution each month is $200 and later 10 employees will be drawn to determine their order. Basically this is almost the same as the salary lottery that OP mentioned but the mechanism is a little different.

[Eternad]

It sounds like saving but with extra step and the lucky people got their saving upfront but still need to pay.

It is just a complicated way of saving in my opinion. Early receivers get their money in advance while the last receiver is basically just receiving his money again after contributing to the previous receivers.

It's not called salary lottery in our region but if I will translate it to english, it can be called cooperative savings system. I've joined one before and I was second to the last to receive money and from my experience, it's quite problematic to get your share being last if the early receivers are not giving therir contribution to you.

"Paluwagan" can be described as a rotational or cooperative savings system or a rotating savings and credit association (ROSCA). It's an informal method of saving where a group of individuals agree to contribute a fixed amount of money regularly (e.g., weekly, monthly). The collected money is then given to one member at a time, in a pre-arranged sequence, until everyone in the group has received their share.

It's better if you just save the money yourself than to go through the hassle of waiting to get your share if you're the last.

[Kelward]

This practice is quite common among salary earners, they will choose among themselves who will be the first, second to the last person to carry the collection. If there's a disagreement over who to collect first or any numbers they will choose one method or another of selection that can be similar to gambling. Mostly it is pieces of papers that are folded with numbers and any number that you choose becomes your month of collecting of the agreed amount. I've never heard of where people will use all of their salaries for this contributions, I wonder how they will survive, it is mostly an agreed amount that will not affect the perticipants negatively.

[Kagaru]

This is totally absurd, and I wonder why people can be very callous in risking their salaries for lottery purposes that's a sign of indiscipline and an irresponsible act. Things as these ain't meant to be played with especially when you're not sure of your fate in winning and then each month you lose your hard earn salary to lottery all for fun that's totally out of place.

It seems to be a bad idea to put your entire salary as a stake in order to have a possibility to be paid in advance. It may seem fun initially but could get really troublesome when one is forced to wait several months of payment and other people are paid earlier. This is not a good idea especially to the individuals who rely on that income to meet their expenses and daily survival. I suppose that there are times when individuals live on the same adrenalin not being conscious of the repercussions. It is definitely something that one ought to watch out of.

[r_victory]

I confess that I had never heard or read about something similar here in Brazil. I don't think it would be very popular, people usually do so-called "vaquinhas" (a type of Crowdfunding), I don't know if it's the same as the one mentioned, but it's a way to help someone in difficulty without the need for reimbursement, interest, bank loans...

[o48o]

I've heard that people do that in here in some places. And i guess it can create bond between workers who are dreaming of leaving that place. Funny enough, big lottery winners rarely quit their jobs in here so it would be just bunch of new rich co-workers.

I wouldn't do it. It's similar to paying for same lottery numbers every week, because you can't quit as there's a change those numbers would hit immediately and only reason you lost was because you quit. Even if that's astronomically low probability, it get people stuck for life. And paying for $5 per week or what ever adds up when it's happening for years.

[virasog]

In my region, salary lotteries are very popular in many workplaces. I don't know what's the exact English term for his but we call it that name. The purpose of salary lottery is that 5-6 employees collect together and they play lottery. The first winner gets the salary of every worker, in the next months the second winner gets everyone's salary and that's it. There isn't a random winner, everyone gets their salary back but the fate of who is the first person to receive the salary is decided via a simple coin flip.

For example, imagine that there are 6 people and salary of each person is $1000. They determine via coin flip who is the 1st, 2nd, 3rd, 4th, 5th and 6th. First gets $6000 in the end of the month, in the next month, the second gets $6000 and in 6th month, the 6th person gets $6000. You may ask me how do they live for 6 months without a salary? Family members take care of them. Too many people work for fun because sitting at home is boring for them but they don't have enough money to have fun too.

In my country, we also have such type of lottery but we usually do not put whole amount of our salary in these funds. In our case, we decide that the lottery is of 1000$ (an example) and there are five people contributing 200$ each month. So we have a lucky draw and the names are found in the order of one to five, with the first person getting 1000$ in the first month, then 2nd person getting his 1000$ in the 2nd month and so on until everyone gets their share.

Usually it is difficult to save money individually and people use this method to get their savings and then when they get that lump sum amount, some may use it to meet their big expenses.

[dunfida]

In my region, salary lotteries are very popular in many workplaces. I don't know what's the exact English term for his but we call it that name. The purpose of salary lottery is that 5-6 employees collect together and they play lottery. The first winner gets the salary of every worker, in the next months the second winner gets everyone's salary and that's it. There isn't a random winner, everyone gets their salary back but the fate of who is the first person to receive the salary is decided via a simple coin flip.

For example, imagine that there are 6 people and salary of each person is $1000. They determine via coin flip who is the 1st, 2nd, 3rd, 4th, 5th and 6th. First gets $6000 in the end of the month, in the next month, the second gets $6000 and in 6th month, the 6th person gets $6000. You may ask me how do they live for 6 months without a salary? Family members take care of them. Too many people work for fun because sitting at home is boring for them but they don't have enough money to have fun too.

In my country, we also have such type of lottery but we usually do not put whole amount of our salary in these funds. In our case, we decide that the lottery is of 1000$ (an example) and there are five people contributing 200$ each month. So we have a lucky draw and the names are found in the order of one to five, with the first person getting 1000$ in the first month, then 2nd person getting his 1000$ in the 2nd month and so on until everyone gets their share.

Usually it is difficult to save money individually and people use this method to get their savings and then when they get that lump sum amount, some may use it to meet their big expenses.

It is just that too much if we do speak about putting up all the salary that we do have that for 1 month. The good thing on here is that you do able to get that 6x the amount but just like on what most people been saying on here is that on the moment that you would be able to get those amounts or simply your turn then you would be that needing up that proper budgeting or else you would be ending up on miserable at the time or moment that you do end up on having no proper handling when it comes to those funds that you have been able to obtain. It might that sounds or looks that good when it comes into this manner but on the moment that you would be mismanage those funds then you would be ending up on having those issues. Salary lottery isnt that common here in our place but there were those people might be that doing this on silent matter.

We do know that there would be those individuals who would be that loving or wanting to have some fun such as this but actually having no salary for 6 months is no good or something that be giving out that kind of advantage yet but rather this would be that risky on which just like been said that proper fund management will be that recommended on this case.

[finaleshot2016]

IMO it's pointless, why do you need a huge amount of money in the first month, if you've saved from the beginning, you don't need a massive amount to the point that you need to join that salary lottery. If this is a culture, okay fine then maybe they have the capabilities to handle things in 6 months with no money but for me, I won't need that huge amount of money on the first month. I rather save and control my own money that makes me more responsible in every cent spent every month.

If it's a gamble like no turns, just pure gamble who'll win and who'll lose then maybe I'll understand more but if you guys are just receiving the same amount of money but different timelines, then it's pointless.

[HONDACD125]

It's not called a salary lottery in my country, but "contribution ". Some people use this means to get bulk money that could be used for a capital-intensive project instead of taking loans. But we don't do it with 100% of our salary since most of us depend on it for survival. We usually write numbers on paper, fold and spin them. The number you pick will determine when you will collect the total amount contributed for the month.

I have heard people say that they usually join this contribution because they might not be able ot save if they get their full salary. Maybe they might end up spending it on wants, so this contribution helps them to save since they would be forced to curtail their expenses.

That's exactly how it is done around here as well. One person takes the charge, this person will first find people who are interested in taking part, then they decide the amount everyone will pay each month, week, or day, and then the person in charge will start collecting money from all those people, and at the end of each month, they do a draw to see which member is going to get the whole amount for that month. The draw is done by having names of the participants written on pieces of paper and folded in one bowl, and then another bowl with an equal amount of folded papers with all of them being empty, and one containing the word "winner". They keep taking out one paper from each bowl at once, and whoever's name comes with the "winner" wins for that month.

And yes, most people do it for saving money, so they don't care if they win early or not because eventually, they are going to get all their money back, and it's like they are saving money but not with themselves, so they don't have the option to use that money, and when they get that money all at once, they can use it for anything they wish, either for an investment, starting a business, buying something, whatever they like.

[hafiztalha]

It's not called a salary lottery in my country, but "contribution ". Some people use this means to get bulk money that could be used for a capital-intensive project instead of taking loans. But we don't do it with 100% of our salary since most of us depend on it for survival. We usually write numbers on paper, fold and spin them. The number you pick will determine when you will collect the total amount contributed for the month.

I have heard people say that they usually join this contribution because they might not be able ot save if they get their full salary. Maybe they might end up spending it on wants, so this contribution helps them to save since they would be forced to curtail their expenses.

That's exactly how it is done around here as well. One person takes the charge, this person will first find people who are interested in taking part, then they decide the amount everyone will pay each month, week, or day, and then the person in charge will start collecting money from all those people, and at the end of each month, they do a draw to see which member is going to get the whole amount for that month. The draw is done by having names of the participants written on pieces of paper and folded in one bowl, and then another bowl with an equal amount of folded papers with all of them being empty, and one containing the word "winner". They keep taking out one paper from each bowl at once, and whoever's name comes with the "winner" wins for that month.

And yes, most people do it for saving money, so they don't care if they win early or not because eventually, they are going to get all their money back, and it's like they are saving money but not with themselves, so they don't have the option to use that money, and when they get that money all at once, they can use it for anything they wish, either for an investment, starting a business, buying something, whatever they like.

It looks like a committee because many people use this technique for saving money and getting money in the bulk because they could spend this money on other things. But salary lottery is different a limit bit because in this technique all salary is involved and we have no money to meet daily expenses. We need money to pay bills and if we did not pay bills then out electricity will be cut off and gas will be cut off and we have to face tough circumstances. I don't know who are doing that but that is fooly technique and OP made unique thread and talked about unique content.All people want to save money but best thing is to save 30 to 40 percent of income and you can do part time job with that and you can handle you life with comfort. There are millions of people who are saving money because that is best strategy.

[lornadane]

If you’re last in line, you’re working months w/o cash
Relies heavily on family support
One person dropping out = whole system breaks
Encourages lump-sum spending, not discipline
It also shows a deeper issue you pointed out: many ppl work just to pass time, not to build life. Job = routine, not progress.
These schemes exist bcz ppl can’t save on their own and wages aren’t enough to breathe. Short-term relief, long-term trap if repeated.

[summonerrk]

In my region, salary lotteries are very popular in many workplaces. I don't know what's the exact English term for his but we call it that name. The purpose of salary lottery is that 5-6 employees collect together and they play lottery. The first winner gets the salary of every worker, in the next months the second winner gets everyone's salary and that's it. There isn't a random winner, everyone gets their salary back but the fate of who is the first person to receive the salary is decided via a simple coin flip.

For example, imagine that there are 6 people and salary of each person is $1000. They determine via coin flip who is the 1st, 2nd, 3rd, 4th, 5th and 6th. First gets $6000 in the end of the month, in the next month, the second gets $6000 and in 6th month, the 6th person gets $6000. You may ask me how do they live for 6 months without a salary? Family members take care of them. Too many people work for fun because sitting at home is boring for them but they don't have enough money to have fun too.

This is some very strange custom I've never heard of, and I can't imagine how it works where I live. I don't understand how family members can support one member of the family for six months. After all, if, for example, the head of the family—the husband—played the game you described, how could his wife support him for six months, especially if they have a small child? In general, this game is most likely intended only for fun-loving individuals who don't have the burden of responsibility for anyone.

These are either teenagers or women dependent on their husbands.

[Nothingtodo]

No, such a system is not practiced in our country, especially in the workplace, where everyone receives a different salary and no one's salary is determined through a lottery. In our country, everyone works for family and personal needs, and if an employee does not receive their salary for one month, it becomes very difficult for them to make it through the next month. In countries where the economic situation is good and there is no problem if those who work just for fun do not get paid for a month, two months, or six months, workers can get their salaries through a lottery if they wish. But the economic situation in my country is very bad and everyone works when necessary and supports their family and themselves with their salary, so there is no chance of a salary lottery in this case.

[maydna]

I don't know what my families will say if I join to that lotteries. They will mad to me and will leave me. If I am in that position, I will not join them because that is too risky for me. I leave my friends to play that lotteries but I won't responsible if they lose their salary. The lottery that I know here is some people gather in one place and shake the number in the jar until one number come out. But they only use the money that has been agreed upon. I wonder how their families can survive without any salaries from their husband.