WAGE

What factors affect the wage of labour in UK?

ABSTRACT

The purpose of this paper is to discuss the basic process of wage determination along with the influences of market structure, government regulation, and other social interactions on it. At present, money plays a very important and vital role in economic growth and, therefore, is considered the backbone of financial and monetary economics. Wage determination refers to the market process that establishes the amount a firm pays a worker for a unit of time. A market exists when there is demand for and supply of a product. In the case of the labor market, firms demand individuals' time as an input for production, and workers supply it. The data set for the study has been collected from different sources, it comprises of following variables, and the measurement scales considered in the study are a series of measures to organize data in hierarchical order. Overall the data set consists of 4281 observations which have been further classified into 2031 male and 2250 female with an average age of 42.60, the table below shows the descriptive statistics for the scale variables. The correlation coefficient between the age and gross weekly pay in main job, the size of nominal wages in the economy as a whole is low and has a positive sign. The magnitude of correlation coefficient i.e. 0.114 shows that the relationship is positive but weak; however, the correlation coefficient is significant.

What factors affect the wage of labour in UK?

Introduction

At present, money plays a very important and vital role in economic growth and, therefore, is considered the backbone of financial and monetary economics. However, various factors that affect the working wage are always the topic of discussion. The point is that there are still many unanswered points over the average working wage for a greater number of salaried class people. One of the reasons responsible for that question may be different regulations linked to the process of wage payments and in most cases is usually not known to most people. It is very hard to say that profession is a profession better paid than the other based on the salary package offered in each. Although polls give a fair idea of ??the current situation, there are still several factors that could be lost in a random sample. Below mentioned are some of the factors that affect the working wage.

Wages of labor vary from one place to another. Wages of labor depend heavily on the work site where work is delivered. Each country has a different slab for the same profile in the same area as a function of the rate of inflation, cost of living, levels of completion, economic conditions, government regulations, etc. Many people move from one country to another just to get a better salary for the same amount of body of knowledge and skills required at work. Wages of work for the same work differ not only from one country to another, but also differ in different regions within the ...