Earning a Living   Wage Determination

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NE LINCS CAREERS INFORMATION ADVICE AND GUIDANCE. Aims

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Earning a Living Wage Determination

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1. NE LINCS CAREERS INFORMATION ADVICE AND GUIDANCE Earning a Living – Wage Determination

2. NE LINCS CAREERS INFORMATION ADVICE AND GUIDANCE Aims & Objectives To understand the terms wages and salaries To understand what determines wage rates and salaries To examine the link between employees skills and qualifications and their incomes from work

3. NE LINCS CAREERS INFORMATION ADVICE AND GUIDANCE Types of income Consider the pay of these people in the building industry: (construction industry rates) A Bricklayer A Plumber (click here for pay rates 2006-7) A JCB (digger) driver A Site Foreman An Architect (designs the building) An Accountant (manages the finances of a business) How would you decide how much to pay them? You can use the internet sites to explore pay rates for different jobs eg Jobsonline

4. NE LINCS CAREERS INFORMATION ADVICE AND GUIDANCE Types of income Wages – normally paid for the amount of work done, by the hour (hourly rate) or by the completion of tasks (piece rate) Salaries – paid for the completion of a range of duties within a normal working week – normally no additional payments for output or hours required for completion

5. NE LINCS CAREERS INFORMATION ADVICE AND GUIDANCE Markets for a product or service Businesses (Suppliers) – produce goods or services Customers (Demanders) – consume goods and services A Market Place is where demanders and suppliers come together to trade and prices are agreed for the good or service traded

6. NE LINCS CAREERS INFORMATION ADVICE AND GUIDANCE Price determination - Demand If the price of a good is low demanders (consumers) generally buy more If the price of a good is high demanders (consumers) generally buy less

7. NE LINCS CAREERS INFORMATION ADVICE AND GUIDANCE Price determination - Supply If the price of a good is low suppliers (businesses) generally produce less If the price of a good is high suppliers (businesses) generally produce more

8. NE LINCS CAREERS INFORMATION ADVICE AND GUIDANCE The Market - Supply & Demand -how the price is determined.

9. NE LINCS CAREERS INFORMATION ADVICE AND GUIDANCE How wages and salaries are linked to the value of a product If goods and services of a business have a high market price then the wages and salaries of employed staff can be higher e.g. The Price and Demand for fuel and Oil exploration workers Other factors also influence the incomes of employees such as the level of skills and training required to complete the task or the level of responsibility held (eg Doctor, Engineer Manager), or the shortage of the skills

10. NE LINCS CAREERS INFORMATION ADVICE AND GUIDANCE Star Quality and Incomes ‘World class’ entertainers eg Singers, Film Stars, and Footballers bargain for high salaries because there are many rich employers chasing the individual. ‘World class’ Doctors, Nurses and Aid workers may be paid a low salary because they dedicate their skills to serve the poor. In the market place you have a choice!

11. NE LINCS CAREERS INFORMATION ADVICE AND GUIDANCE Future employment and high income work. Businesses producing and selling highly technical, high quality goods and services by employing employees with high level skills will pay high salaries. Businesses producing products that only use low skilled employees will compete with similar producers across the world and move employment to the lowest wage area

12. NE LINCS CAREERS INFORMATION ADVICE AND GUIDANCE Lifetime earnings Lifetime earnings of employees who have qualifications beyond level 3 are 30% higher than those who have not. Lifetime employment choice and security of employment is greater for those with higher qualifications. Self employment is always an alternative to being an employee and is increasing in the UK.

13. NE LINCS CAREERS INFORMATION ADVICE AND GUIDANCE Aims & Objectives To understand the terms wages and salaries To understand what determines wage rates and salaries To examine the link between employees skills and qualifications and their incomes from work

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