Nature of Work and Leisure and Trends in Employment and Earnings Flashcards
What are earnings?
Wages plus overtime pay, bonuses and commision
What is the wage rate?
The payment which an employer contracts to pay a worker
Why do earnings change?
As a result of a change in wage rates, bonuses or commission paid. Overtime pay, bonuses and commission payments are more volatile than wage rates.
Compare monthly changes in the UK earnings
Months from December to April show largest increases as these are the months in which bonus payments are highest.
Compare annual changes in UK earnings
Earnings have risen in recent years, at an annual average of 3.9 percent between 2002 and 2006.
How do rises, levels and composition of earnings vary between industries and occupations?
In 2006, the average annual earnings of full time workers were £27,945. Average earnings in a no. of industries were less than this. - Hotels and restaurants lowest, at £17,337. Above average earners included education and public administration. Financial services had the highest average earnings, at £37,450.
How has the structure of employment in the UK changed in recent years?
From 1978 to 2005, there was a notable decline of nearly 4 million jobs in manufacturing. There was also a significant rise in finance and business services of approx. 2.6 mil jobs.
When governments seek to raise the economic activity rate, this is referred to as…
The labour force participation rate.
What is the UK’s target of working age people being in work?
80%
